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Bank of Russia files bankruptcy suit against Master Bank

December 04, 2013, 11:23 UTC+3 MOSCOW

The regulator revoked Master Bank's license on November 20

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© ITAR-TASS/Pavel Smertin

MOSCOW, December 04. /ITAR-TASS/. Central Bank of Russia filed a bankruptcy suit against Master Bank, the High Arbitration Court reported on its website. The legal action was registered on December 3.

The regulator revoked Master Bank's license on November 20.

"The revocation of the license is pursuant to the CBR's policy to remove from the market of banking services 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," it said in a press release.

Master Bank's liability to depositors exceeded 47 billion rubles ($1.4 billion) as of the date of license revocation.

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