Central Bank revokes license of Sootechestvenniki bank
MOSCOW. June 18 (Interfax) - The Central Bank has revoked the banking license of Sootechestvenniki bank (Compatriot Bank) in Omsk in an instruction dated June 17.
The revocation of the license was the result of the bank's inability to meet federal laws regulation banking operations, as well as the CB's normative acts. In addition, the bank's financial reporting was declared inaccurate.
The bank has received temporary administration until the appointment of a bankruptcy commissioner or liquidator. The authority of the bank's executive bodies has been suspended in accordance with federal laws.
Sootechestvenniki bank was 738th largest Russian bank by assets for the first quarter of 2009 according to the Interfax-100 compiled by the Interfax Center for Economic Analysis (CEA).