MOSCOW, November 20. /ITAR-TASS/. Central Bank of Russia has revoked the license of Master Bank, which is among the country's 100 large banks with deposits worth 46.82 billion rubles as of November 1, 2013.
The CBR moved to recall the license citing Master Bank's large-scale suspicious operations and the failure to abide by the federal laws on banking and combating money laundering and terrorism. "The revocation of the license is pursuant to the CBR's policy to remove from the market of banking serves the loan institutions involved in illegal activates, violating banking legislation, distorting information about their financial position and creating a real threat to the depositors and creditors' interests," the regulator said in a press release on Wednesday.
An interim administration has been appointed to Master Bank and the powers of its executive bodies have been suspended in accordance with federal legislation.
Payments to Master Bank clients will begin no later than December 4, the Deposit Insurance Agency said. All bank clients with account value not exceeding 700,000 rubles are entitled to 100% insurance indemnity.
The sum not covered by insurance will be compensated to bank clients as first priority creditors in the course of bank liquidation.