St. Petersburg International Bank challenges revocation of its license
MOSCOW, December 17 (RAPSI) – The St. Petersburg International Bank has filed an appeal against the decision to revoke its license by the Central Bank, the St. Petersburg Commercial Court hast stated.
The appeal will be reviewed on January 15. Earlier, the court set hearings on the bank’s insolvency for December 18.
The bank’s license revocation reads that the bank used a high-risk business model resulting in the accumulation of assets that may be classified as a problem. Allegedly, the Central Bank intervened in the situation two times in the last 12 months, but the St. Petersburg International Bank’s managers did not take needed measures. Russia’s Deposit Insurance Agency (DIA) was appointed as a temporary manager of the bank and eventually found insolvency worth 15.5 billion rubles ($323 million) and leading to the license revocation.