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Russian Central Bank revokes license from Ogni Moskvy bank

May 16, 2014, 20:58 UTC+3 MOSCOW
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MOSCOW, May 16. /ITAR-TASS/. Russia’s Central Bank on Friday revoked the banking license of Moscow-based commercial bank Ogni Moskvy.

The decision was made in connection with the bank’s apparent failure to abide by federal laws and enactments regulating banking activity. According to the Central Bank, Ogni Moskvy, which was in the 177th place in Russia’s banking system, pursued a high-risk credit policy through placement of funds in low-quality assets.

A total of 17 credit organizations have had their licenses revoked since early 2014, and 27 in 2013. The key activity regions for banks whose licenses have been revoked were Moscow and the Moscow Region, the North Caucasus and Siberia. Some 900 banks currently operate in the Russian Federation.

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