Cbank revokes license from small Moscow-based Zlatkombank
MOSCOW, Dec 6 (PRIME) -- The central bank has revoked the banking license from Moscow-based Zlatkombank, RussiaТs 408th largest bank by assets as of October 1, the regulator said in a statement on Thursday.
Zlatkombank did not comply with federal laws regulating banking activities and the central bankТs legal acts, including on money laundering and terrorism financing, and was also involved in dubious transit operations.
The bank has repeatedly underreported credit risks which forced the central bank to require raising the provisioning for possible losses.
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. Payments to depositors of the bank will start no later than December 20, the Deposit Insurance Agency (DIA) said in a statement.
(66.8242 rubles Ц U.S. $1)