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Russian regulator cancels license of M2M Private Bank, 3 other lenders

The Central Bank of the Russian Federation revoked the license of PJSC Asian-Pacific Bank unit PJSC M2M Private Bank citing poor asset quality and problems with meeting financial liabilities.

The regulator also said that in October it restricted lending provided to the lender by Asian-Pacific to avert the threat of destabilizing the parent company and to protect its creditors and deposit holders.

Asian-Pacific said in a Dec. 9 filing that M2M Private Bank's license revocation has no impact on its operational activities and business.

The central bank also revoked the license of Vega-Bank Ltd., Joint-Stock Commercial Bank Russian Financial Alliance and CB International Bank of Development due to poor asset quality and resulting liquidity problems. Vega-Bank also failed to comply with Russia's legislation on preventing money laundering and financing of terrorism and was involved in dubious operations.

All four lenders were placed under provisional administration until the appointment of a receiver or a liquidator.