Russia Revokes Major Russian Bank’s Operating License | Russia | RIA Novosti

Russia Revokes Major Russian Bank’s Operating License | Russia | RIA Novosti:

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MOSCOW, November 20 (RIA Novosti) – The operating license of a major Russian bank has been revoked for false data reporting, low-quality loans and loss of capital, Russia’s central bank said on Wednesday.
Master Bank, the 41st largest bank in Russia in terms of deposits by individuals, has also been involved in questionable financial operations and failed to properly combat money laundering, the Bank of Russia, the nation’s central bank, said in a press release.
Russia’s Deposit Insurance Agency said that clients’ financial assets in the bank are insured and customers will be able to begin to withdraw money from their accounts no later than December 4.
Master Bank branches in Moscow are closed and its ATMs are not functioning due to a “technical error,” Prime news agency reported."

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