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Russian Central Bank revokes license from Bank of Project Finance

December 13, 2013, 10:36 UTC+3 MOSCOW
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MOSCOW, December 13. /ITAR-TASS/. Russia’s Central Bank has revoked a license from the Bank of Project Finance, the regulator reports on its site on the Internet.

The Bank’s order is dated December 13, 2013.

On December 6, the Central Bank began inspection of the Bank of Project Finance. The bank’s failures began as the Central Bank revoked a license from Master-Bank. The bank stressed it had problems with liquidity, though claimed it did not have failed obligations. On December 3, the bank terminated work of its 15 branches for the term of stabilizing measures.

The Bank of Project Finance credited and served corporate clients, attracted private clients’ money to deposits, and also offered equity operations. The banks’ assets, Banki.ru (a banking web-portal) says, are over 29 billion rubles.

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