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Regulator revokes licenses of 2 Russian lenders


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Regulator revokes licenses of 2 Russian lenders

TheCentral Bank of the RussianFederation withdrew Voenno-Promyshlenny Bank's and 's licensesand placed them into provisional administration until a receiver or liquidatorhas been appointed.

Voenno-PromyshlennyBank could not be rescued despite the Russian Deposit Insurance Agency actingas its provisional administrator since mid-September, with the central bankhighlighting capital issues and saying the lender broke Russian rules on moneylaundering and financing terrorism.

Meanwhile,Central Commercial Bank had adopted a high-risk lending policy, investing intolow-quality assets, and did not comply with requirements aimed at preventingmoney laundering and financing of terrorism either.

Bothbanks participate in Russia's deposit insurance system, which means each retaildeposit holder will be able to obtain up to 1.4 million Russian rubles.

Voenno-PromyshlennyBank and Central Commercial Bank had household deposits of 30 billion rublesand 6.8 billion rubles respectively as of June 1, news agency Prime said Sept.26.

As of Sept. 23, US$1 was equivalentto 63.74 Russian rubles.