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Russian regulator cancels license of iMoneyBank

TheCentral Bank of the RussianFederation revoked the license of and put the lender intoprovisional administration until the appointment of a receiver or a liquidator.

Thebank invested funds in low-quality assets and lost its entire equity capitalafter the proper assessment of its lending exposure, the regulator said, notingthat iMoneyBank's management and owners failed to take efficient measures toimprove its financial situation.

Someof the bank's shareholders were also co-owners of , which lost itslicense in September,Interfax said Oct. 5. Businessman Musa Bazhaev and affiliated entities wantedto rescue Finprombankbefore the revocation of its license, but the Russian central bank said at thetime that the financial rescue plan would have to cover the entire group,including iMoneyBank, the newswire noted.