Russian Central Bank revokes licenses of four banks

Russian Central Bank revokes licenses of four banks

The Russian Central Bank made a decision to recall the banking licenses of one Moscow bank and three banks located in Kazan, the press service of the Central Bank said.

According to the statement, the banks failed to comply the restrictions on the exercise of certain operations imposed by supervisory authority.

According to the statement, the Ankor Bank invested funds into poor-quality assets and failed to create provisions appropriate for assumed risk. The credit institution failed to timely honor its commitments to creditors due to the unsatisfactory quality of assets.

The Central Bank said the IntekhBank and the Tatfondbank also pursued a risky credit policy.

The management of the Inter-regional postal Bank took an independent decision to revoke its license.

All the banks take part in the deposit insurance system.

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