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Russian regulator cancels Ural Capital Bank's license

The Central Bank of the Russian Federation revoked the license of Ltd Liability Company Commercial Bank Ural Capital and placed the lender into provisional administration until the appointment of a receiver or a liquidator.

The regulator pointed to the lender's risky business model focused on offering loans to companies affiliated with its management, which resulted in the loss of capital, threatening the interests of the bank's creditors and deposit holders.

Ural Capital Bank is a member of the Russian deposit insurance system, meaning that retail deposit holders are set to receive compensation of up to 1.4 million Russian rubles each for deposits held at the lender.

As of Feb. 14, US$1 was equivalent to 57.11 Russian rubles.