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Russian central bank revokes Rinvestbank's license

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Russian central bank revokes Rinvestbank's license

TheCentral Bank of the RussianFederation canceled the license of , placing it under provisional administration until theappointment of a receiver or a liquidator.

Thecentral bank cited poor asset quality and the wiping out of the bank's capital,as well as its failure to comply with requirements regarding the prevention ofmoney laundering and terrorism financing and its involvement in dubiousfinancial operations. Rinvestbank has been loss-making for severalmonths and its shareholders decided to launch bankruptcy proceedings and askfor the license revocation, Kommersant July 7.

Asof July 1, Rinvestbank ranked 304th in the Russian banking system in terms ofassets.