Bank of Russia annuls Yekaterinburg Plato-Bank’s license

14 May 2015 (09:26)

May 14, 2015. The Bank of Russia annulled Yekaterinburg-based Plato-Bank’s license on May 13, 2015, the regulatory body’s official website states.

The decision was taken since the bank failed to comply with the federal banking legislation and the Bank of Russia’s normative acts. Besides, Plato-Bank was unable to accumulate sufficient own funds by January 1, 2015 yet never applied for a status change in order to become a non-banking lending institution.

Plato-Bank was a member of the deposit insurance system. As the annulment of a license is classed as an insured event (as set forth in Federal Act 177 FZ On Insuring Private Individuals’ Deposits at Russian Federation-Based Banks) as far as reimbursement of private customers’ deposits is concerned.

According to the bank’s official report, Plato-Bank was Russia’s 593d largest bank as of April 1, 2015.

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