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Russia’s Central Bank revokes license from International Joint Stock Bank

February 03, 9:29 UTC+3
According to the Central Bank, as of January 1, in terms of assets the International Joint Stock Bank ranked 207th in the Russian banking system
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© Vyacheslav Prokofyev/TASS

MOSCOW, February 3. /TASS/. Russia’s Central Bank has revoked license from Moscow-based International Joint Stock Bank, the regulator reported on Wednesday.

According to the regulator, the bank violated banking legislation and regulations of the Central bank regarding assessment of default risk.

After meeting the requirements of the regulator on formation of reserves, which are adequate to the risks, the bank has fully lost its own capital.

According to the Central Bank’s statement, the bank’s rehabilitation with the participation of the Deposit Insurance Agency did not look possible due to low quality of the bank’s assets.

In accordance with the Central Bank’s order, the temporary administration was set for the International Joint Stock Bank until a bankruptcy supervisor or a receiver is appointed. The authority of the bank’s executive bodies is suspended.

The International Joint Stock Bank is a member of the deposit insurance system.

According to the Central Bank, as of January 1, in terms of assets the International Joint Stock Bank ranked 207th in the Russian banking system.

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