The Central Bank of Russia deprived two more banks licenses

The Central Bank today has deprived two more credit organizations - the National Bank of Business Development (NBB) and the Local Credit Bank (MK Bank).

The Central Bank’s report notes that both banks pursued a risky credit policy related to the placement of funds in low -quality assets, did not ensure the timely fulfillment of obligations to creditors and depositors. In addition, the Local Credit bank was involved in conducting dubious operations to withdraw funds abroad in the amount of more than five billion rubles.

The Bank "NBB" was part of the deposit insurance system. This means that investors at the expense of the deposit insurance agency will receive their funds in the amount of up to 700 thousand rubles. "MK Bank" did not engage in attracting funds of private individuals and was not part of the deposit insurance system.