4 more Russian banks stopped operations

Baku. 9 December. REPORT.AZ/ Russian Central Bank retracted licenses of four commercial banks – M2M Private Bank, Vega Bank and International Development Bank.

Report informs referring to the Russian media.

M2M Private Bank was reported to possess 164th biggest assets among Russian banks, according to ranking released on November 1. Central Bank says the bank invested in risky assets and didn’t develop proper reserves. It is incapable of executing its obligations due to insufficient assets.

License of Vega-Bank, which was ranked 304th among Russian banks, was canceled, because it wasn’t following the banking regulations.

International Development Bank, 423th in ranking, was carrying out high-risk credit policy, investing in low-quality assets. As a result, it is not able to fulfil obligations before creditors.

Russian Financial Alliance also joined the list of banks with canceled license. It was ranked 545thamong Russian banks on November 1. The reason is it is incapable of executing its credit obligations. 

These banks are participants of deposit insurance systemş