UPDATE: Russian central bank revokes banking license of StarBank

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MOSCOW, Mar 18 (PRIME) -- Russia’s central bank has revoked the license of Moscow-based bank StarBank, ranked 166th by assets as of March 1, the authority said in a statement on Friday.

StarBank conducted highly risky credit policies and did not create adequate reserves against losses. The bank did not fulfill the central bank’s prohibition of certain kinds of operations. It was involved in dubious operations, including money transfers abroad.

The bank is a member of the deposit insurance system, which means that each depositor may receive up to 1.4 million rubles in compensation.

Deposit repayments to clients of the bank will begin no later than on April 1; the bank that will act as the repayment agent will be chosen no later than on March 24, the Deposit Insurance Agency said in a statement.

(68.5598 rubles – U.S. $1)

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