MOSCOW, Jul 21 (PRIME) — The Central Bank of Russia (CBR) has revoked the banking license of AMT Bank, previously known as BTA Bank, the central banks public relations department said Thursday.
AMT Bank did not comply with federal banking regulations, violated CBR bylaws, and submitted inaccurate financial reports.
The CBR appointed a provisional administration to run the bank until an arbitration court either declares it bankrupt or appoints a liquidator.
The central bank said that AMT Bank was depositing funds in low-quality assets and not creating adequate reserves for possible losses.
The bank is controlled by Kazakh businessman Mukhtar Ablyazov.
As of July 1, personal deposits with the bank amounted to 15.6 billion rubles, while the CBR had previously instructed the bank to limit the size of deposits to around 13 billion rubles, according to Kommersant business daily.
AMT Bank is a member of Russias deposit insurance system, wherein its depositors are to be compensated in accordance with the law on deposit insurance.
(28.0466 rubles U.S. $1)