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Russian regulator cancels Kredit-Moskva Bank's license

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Russian regulator cancels Kredit-Moskva Bank's license

TheCentral Bank of the RussianFederation on July 22 revoked the banking license of ,putting the lender under provisional administration until the appointment of areceiver or a liquidator.

Thecentral bank highlighted the poor quality of the bank's assets and failure bythe lender to adequately assess risks. A proper credit risk assessment carriedout at the regulator's request revealed an entire loss of the bank's capital,but its management and owners did not take any measures to rectify thesituation, prompting the central bank to revoke the license.

Asof July 1, Kredit-Moskva Bank ranked 285th in the Russian banking system interms of assets.