23 May 2012 13:30

Central Bank pulls license from Oryolsotsbank

MOSCOW. May 23 (Interfax) - The Central Bank of Russia has revoked the banking license held by Oryol-based Oreyolsotsbank for not upholding federal banking laws or Central Bank regulations and inability to meet the claims of creditors, the CB's External Relations Department said.

The bank, Russia's 403rd biggest by assets, according to the Interfax-100 ranking at the end of Q1 2012, is part of the deposit insurance system.

The bank has gone into administration pending the appointment of a receiver.