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Russian Central Bank revokes license from Investbank

The Central Bank explains its decision by a lack of possibilities to restore the bank’s financial positions and in order to avoid further development of the negative situation

© ITAR-TASS/Yuri Mashkov

MOSCOW, December 13. /ITAR-TASS/. Russia’s Central Bank has revoked a license from Investbank, the regulator reports on its site on the Internet.

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

The Central Bank explains its decision by a lack of possibilities to restore the bank’s financial positions and in order to avoid further development of the negative situation. The regulator appointed a temporary administration to the moment it appoints a receiver or liquidator.

On December 1, investigators came to the bank’s head office in Moscow. On that day, the bank’s management said the inspection did not have anything to do with the credit organisation, but was related to client accounts.

The Investbank was organised in 1989 and has been participating in the system of obligatory insurance of deposits. In 2008, it acquired three banks, including Moscow’s Konversbank. The bank has been serving over 430 individuals and over 30,000 companies. Investbank is among Russia’s top hundred banks in assets.

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