The Central Bank of Russia has revoked a banking license held by Makhachkala-based Naftabank as of November 28. A relevant press release was posted on the Bank of Russia’s website.
As the regulator specified, the bank failed to comply with the imposed restrictions on certain banking operations. In addition, the bank took part in suspicious operations to give cash from the cash office in large amounts. Executives and owners of Naftabank took actions to withdraw highly liquid assets from the lending institution. The bank also violated the procedure for compiling financial statements and the timeframe to present financial statements to the Bank of Russia.
In line with the Bank of Russia’s order, a temporary administration team was appointed at the bank.
The lending institution is a member of the national deposit insurance system. The bank’s website is not available at the moment.
