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Russia’s Central Bank shuts down another Moscow bank for illegal transactions

May 13, 2014, 9:32 UTC+3 MOSCOW
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MOSCOW, May 13. /ITAR-TASS/. The Central Bank of Russia (CBR) has revoked a license for banking transactions from Moscow Navigator Bank as of Tuesday, May 13 in a campaign to curb illegal banking activity of suspicious banks since the previous year, the regulator stated.

Navigator Bank which pursued a highly risky policy related with investments in low-quality assets is a member of the deposit insurance system.

Navigator Bank is ranked at the 284th place in Russian banking system in terms of the size of assets.

The CBR has revoked licences for financial transactions from 15 banks and lending organisations from January 2014 and 27 banks - in 2013.

The main regions for operation of banks stripped of their licences are Moscow and Moscow Region, North Caucasus region and Siberia. As many as 1,059 banks and crediting organisations have operated in Russia at the beginning of this year.

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