22:00, 21 January 2013

Central Bank recalled the license from “Express” Bank of Dagestan

Since today “Express” Bank in Makhachkala is deprived of the license on banking operations. The respective statement was issued by Central Bank of the Russian Federation.

“Express” submitted quite inauthentic reporting to the Bank of Russia on the state of its assets keeping back losses of the bank’s own funds (capital) and resisted to carrying out inspection audit”, official statement of Central Bank runs.

“Express” bank confirmed recall of the license to the “Caucasian Knot” correspondent.

In case of recall of a license a credit institution is officially acknowledged bankrupt, officials of the Endowment Insurance Agency (EIA) explained. Payments of insurance compensation to the clients stipulated by the law will start lo later than February, 4.

“Express” bank was one of the most successful banks in Dagestan, it had over 200 thousand clients.

Author: Timur Isaev, Natalia Kraynova

Source: CK correspondents