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Russia’s Central Bank revokes license of Business Development Bank

22.03.2013 11:50

Russia’s Central Bank revokes license of Business Development Bank

YEREVAN, March 22. /ARKA/. Russia’s Central Bank revoked the banking license of Business Development Bank OJSC, the regulator said on Firday.

The bank was striped of its license over its failure to comply with the federal laws on banking activity and Bank of Russia regulations.

The regulator noted Business Development Bank had been constantly violating banking laws and regulations of Bank of Russia over the past 12 months. The bank had been leading highly risky policy as it conducted lending to one of the shareholders. This, in its turn, was affecting negatively the financial stability of the organizations pushing it to bankruptcy.

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