The Central Bank revoked the license of the Moscow StarBank

Bank of Russia withdrew on March 18, a license for banking operations of a credit institution Joint-stock company StarBank JSC StarBank, reported the press service of the regulator.

The report notes that StarBank conducted “high-risk lending policies and create adequate accepted risks provisions for possible losses on loans”. In this case the credit institution does not obey the instructions of Supervisory authority about the imposition of restrictions on the exercise of certain operations, directed on protection of interests of depositors of the Bank, said the Central Bank.

In addition, StarBank was involved “in questionable conduct operations on a conclusion of money abroad, and also dubious transit operations”, and “the management and owners of Bank didn’t take effective measures on normalization of its activity”.

The Bank appointed a temporary administration.

StarBank — the participant of system of insurance of deposits. According to statements by total assets the Bank ranked 166th in the Russian banking system.