The Central Bank of the Russian Federation revoked the banking license and professional securities market participant license of Moscow-based New Symbol Bank.
The lender violated Russia's regulations aimed at preventing money laundering and financing of terrorism, and was involved in dubious financial operations in 2016 and 2017. In addition, the owners of the bank were involved in the withdrawal of liquid assets from the lender and failed to comply with restrictive measures and loan-loss-provision requirements imposed by the regulator, the central bank said Nov. 27.
Following the revocation of the license, the lender, which ranked 420th by assets in the Russian banking system as of Nov. 1, was placed into provisional administration until the appointment of a receiver or a liquidator. New Symbol Bank is a member of the Russian deposit insurance system, and its retail clients are set to receive compensation of up to 1.4 million Russian rubles each for deposits held at the bank.
As of Nov. 24, US$1 was equivalent to 58.36 Russian rubles.
