The Central Bank of the Russian Federation revoked the license of JSC Commercial Bank Solidarnost and placed the lender into provisional administration until the appointment of a receiver or a liquidator.
The regulator argued that the lender, ranked 185th by assets in the Russian banking system, pursued a risky business model, focusing on aggressively attracting household funds and their placement into poor-quality assets.
Bank Solidarnost 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. 14, US$1 was equivalent to 58.83 Russian rubles.
