The Bank of Russia said today it has revoked the licenses of three more lenders due to shady financial activities. Russia’s central bank has revoked the licenses of three banks viz: Investbank, Smolensky bank and Project Finance bank. Regulatory crackdown According to Andrey Ostroukh of The Wall Street Journal, Russia is trying to clamp down on the shadow economy and limit capital flight by combating money laundering in the banking system, comprised of nearly a thousand lenders. Friday’s announcement of the licenses revocation crowns a series of over two dozen bank shutdowns since Elvira Nabiullina took over the chairmanship at…
Bank Of Russia Revokes Licenses Of Three More Banks
Mani
Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports