Central Bank revokes license of Moscow's Mezhtopenergobank
TOMSK. July 20 (Interfax) - The Russian Central Bank has revoked the license to conduct banking operations of Moscow-based Mezhtopenergobank, the regulator said in a statement.
The license has been revoked as of July 20.
"Mezhtopenergobank PAO placed funds in low-quality assets, including in construction and investment sectors, and inadequately assessed the risks assumed. The bank provided loans to companies not engaged in real economic activity," the regulator said in a statement.
In addition bank failed to comply with the requirements of the law and Central Bank regulations on countering the legalization (laundering) of criminally obtained incomes and the financing of terrorism with regard to identifying operations subject to mandatory control, as well as submitting the required information to the authorized body.
Mezhtopenergobank was the 93rd largest Russian bank by asset size at the end of Q1 2017, according to the Interfax-100 ranking prepared by the Interfax Center for Economic Analysis. According to Russian Central Bank data on July 1, the bank was in 108th place by asset size.