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Russian central bank revokes Bank Preodolenie's license

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Russian central bank revokes Bank Preodolenie's license

The Central Bank of the Russian Federation revoked the license of LLC CB Preodolenie because of the lender's failure to comply with legislation countering money laundering and financing of terrorism, as well as its involvement in dubious operations not reflected in financial statements submitted to the regulator.

Following the license revocation, Preodolenie will be placed into temporary administration until the appointment of a receiver or a liquidator, the central bank said Dec. 22.

The 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 lender.

As of Dec. 21, US$1 was equivalent to 58.55 Russian rubles.