Central Bank revokes Makhachkala-based Alzhan Bank's banking license, not member of deposit insurance system
MOSCOW/TOMSK. March 2 (Interfax) - The Russian Central Bank has revoked the banking license of Makhachkala-based Alzhan Bank which is not a member of the deposit insurance system, the regulator said in a statement.
The license was revoked on March 2.
"The major transactions the credit institution conducted in the second half of February this year, aimed to replace a considerable part of assets, resulted in the loss of liquidity and the credit institution's failure to timely honor its obligations to creditors; this led to the emergence of grounds for regulatory measures to prevent its failure (bankruptcy)," the Central Bank said in a statement.
Alzhan was the 508th biggest Russian bank by assets at the end of 2017 according to the Interfax-100 ranking complied by the Center for Economic Analysis. According to the Russian Central Bank, Alzhan was the 517th biggest bank by assets.