Russia’s Central Bank revokes Evrotrust’s license

11.02.2014 12:35
Russia’s Central Bank revokes Evrotrust’s license

YEREVAN, February 11. /ARKA/. The Central Bank of the Russian Federation has revoked the license of Evrotrust (European Trust Bank) for banking operations.

At the end of 2013 mass media reports said the bank had problems and stopped accepting deposits from individuals due to worsened economic situation in Russia. At the end of December the bank started registering clients to pay deposits back.

In early January clients of Evrotrust Moscow branch complained about problems when withdrawing money through ATMs, RBC reported.

Last week Migom money transfer system suspended transfers in partner banks due to problems with foreign currency payments in Evrotrust, according to RBC-daily.

LINK-bank has become the second financial organizations having its license revoked on February 11. The bank’s reserves on possible loss were not adequate to the risks and the bank was involved in doubtful transactions worth a total of over 20 billion rubles, according to the report.–0--


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