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Russian regulator puts IntechBank into provisional administration

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Russian regulator puts IntechBank into provisional administration

The Central Bank of the Russian Federation placed Russia's Tatarstan Republic-based PJSC IntechBank under the provisional administration of the Deposit Insurance Agency for six months beginning Dec. 23, pointing to the lender's unstable financial position.

The central bank also imposed a three-month moratorium on the claims of IntechBank's creditors after the lender experienced problems with meeting its financial obligations.

Russian media outlets recently reported that several banks based in the Tatarstan Republic, including IntechBank, have been experiencing liquidity problems after local customers lost their trust in the banking system following the collapse of PJSC Tatfondbank.

The regulator also revoked the license of Interstate Clearing Bank Ltd. on Dec. 22, saying the lender failed to comply with regulations aimed at preventing money laundering and financing of terrorism. The bank was also involved in dubious operations.