UPDATE: Russian cbank revokes license from two small banks - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

UPDATE: Russian cbank revokes license from two small banks

(Provides details in headline, lede, adds fifth paragraph, details in last paragraph)

MOSCOW, Jul 20 (PRIME) -- RussiaТs central bank has revoked banking licenses from Tagilbank, based in the Sverdlovsk Region city of Nizhny Tagil and ranked 409th by assets as of July 1, and Rostov-on-Don-based South Regional Bank, ranked 487th, the regulator said on Friday.

Tagilbank did not comply with federal laws regulating banking activities and the central bankТs legal acts and posed a real threat to interests of its creditors and depositors.

The bankТs operations were loss-making for a long period due to low efficiency of its business model.

The bankТs owners and managers did not take efficient measures to normalize its operations.

South Regional Bank repeatedly violated the central bankТs law on money laundering and terrorism financing and failed to properly estimate its credit risks. The bankТs owners and managers did not take efficient measures to normalize its operations.

Both banks are members of the deposit insurance system, which means that each depositor may receive up to 1.4 million rubles in compensation. Payments to depositors will start no later than on August 3, the Deposit Insurance Agency (DIA) said.

(63.2746 rubles Ц U.S. $1)

End

20.07.2018 09:33
 
 
Share |
To report an error select text and press Ctrl+Enter
 
 
Central Bank Official Rate
1W 1M 1Y
USD
EUR 76.0737 -0.0189 14 nov
USD 67.6812 +0.1574 14 nov
Stock Market Indices
1D 1W 1M 1Y
MICEX
rtsi 1100.05 -1.32 18:50 13 nov
micex 2374.94 -0.79 18:50 13 nov
Stock Quotes in RUR
1D 1W 1M 1Y
GAZP
gazp 148.83 -1.37 18:49 13 nov
lkoh 4959.50 -3.30 18:49 13 nov
rosn 443.60 -4.29 18:49 13 nov
sber 196.56 -0.13 18:49 13 nov
MICEX Ruble Trading
1D 1W 1M 1Y
USDTD
EURTD 76.2025 -0.0525 14:59 13 nov
USDTD 67.6950 +0.2650 17:44 13 nov