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Russian regulator revokes Bank Voronezh's license

The Central Bank of the Russian Federation canceled the license of JSC Bank Voronezh and placed the lender into provisional administration until the appointment of a receiver or a liquidator.

The lender was involved in operations aimed at concealing its actual financial situation, with a significant amount of dubious assets piling up on its balance sheet as a result, the regulator said June 15. The bank also carried out currency exchange transactions that were not recorded in financial statements submitted to the regulator, while in June it engaged in property transactions aimed at extracting assets to the detriment of creditors' and deposit holders' interests.

Ranked 211th by assets in the Russian banking system, the bank served as a settlement center for several payment system operators, but was not an important credit institution in the payment services market, the central bank noted. Bank Voronezh is a member of Russia's deposit insurance system, meaning that 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 June 14, US$1 was equivalent to 62.15 Russian rubles.