The Central Bank of Russia (CBR) deprived the Moscow PETROVKA bank of its licence on May 31. According to the CBR, the Moscow bank was unable to cover liabilities to creditors and make obligatory payments. PETROVKA’s high-risk credit policy was cited as a reason for revoking the licence, the CBR has stated. The bank has been placed under temporary administration until a receiver or liquidator is appointed.
Source: VEDOMOSTI, June 1, 2006
