November 17, 2017 / 6:33 AM / a year ago

Russian says revokes Regionfinancebank licence for multiple violations

MOSCOW, Nov 17 (Reuters) - Russia’s central bank said on Friday it has revoked the license of small-scale lender Regionfinancebank due to multiple breaches of its banking rulings and regulations.

Regionfinancebank is ranked 476 by assets out of all Russia’s banks, according to industry website The lender could not be immediately reached for comment by Reuters.

Russia’s banking sector is under increased scrutiny after two major private lenders, Otkritie Bank & B&N Bank, had to seek central bank bailouts earlier this year because of holes in their balance sheets

The central bank has moved in recent years to clean up Russian banking practices, which have been plagued by poor corporate governance practices, money laundering and international sanctions. (Reporting by Vladimir Soldatkin; Editing by Jack Stubbs and Muralikumar Anantharaman)

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