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Russian regulator withdraws Accent Bank's license

The Central Bank of the Russian Federation revoked the license of Public Joint-Stock company commercial bank Accent and placed the lender into provisional administration until the appointment of a receiver or a liquidator.

The regulator pointed to the lender's risky business model, which resulted in the build-up of low-quality assets on its balance sheet and a substantial loss of capital, which threatened the interests of the lender's creditors and deposit holders.

In addition, Accent Bank's owners were involved in operations aimed at artificially maintaining the lender's capital levels to create the appearance of formal compliance with regulatory requirements. The lender also failed to comply a number of times with Russian legislation aimed at countering money laundering and financing of terrorism, the central bank said.

Ranked 465th by assets in the Russian banking system, Accent Bank is a member of the country's deposit insurance system, and retail deposit holders are entitled to receive compensation of up to 1.4 million Russian rubles each for deposits held at the lender.

As of May 18, US$1 was equivalent to 62.46 Russian rubles.