Central Bank of Russia revokes license of Sauber Bank

AK&M 31 May 2021 23:45

The Central Bank of Russia has revoked the banking of license of JSC Sauber Bank. The credit institution ranked 227th by assets in the Russian banking system, the regulator informed.

Sauber Bank performed dubious large-volume transactions with individuals to sell cash foreign currency, as well as high-risk dubious transit operations, the Central Bank emphasizes.

The Bank of Russia appointed a provisional administration to Sauber Bank, the powers of the credit institution's executive bodies are suspended. Sauber Bank is a participant of Russia's deposit insurance system.