The biggest bank collaps in Russia

The bankruptcy of Russian Master bank, which was two days ago deprived the license by central bank, is the biggest bank collapse in Russia in post soviet time.

Bank of Russia on 20th November deprived the license for doing of bank operations to Moscow’s credit organisation Master bank, due to false data and suspicious transactions. Next day it was relieved that Master bank was a part of suspicious operations for at least 10 years. Master bank also didn’t work according to law in the area of fight against money laundering gained through criminal and financial terrorism, in the part that is referring to identification of clients. Banks  in Russia  often go bankruptcy , but it is usually the bankrupt of small debt institutions which can not do any harm to financial state system. For the first time one bank in Russiaof three million clients has lost the license. Master bank was in great level directed to work with physical persons. Not only that the number of insured persons went over 30 milliard roubles (something less than milliard dollars), but the bank had the biggest net of cash machines in Russia- around 2.800. Big number of trade actions, hotels, restaurants, but some clients as well, used Master Bank cards when paying the salaries, as said by agency Ria news. After the news was published on deprivation of license, in front of closed offices long rows of clients were formed who tried to find out what will happen with their investments. According to words by first deputy of central bank Aleksey Simanovsky, bank’s property might not be enough for paying out all insured investments. Temporary management of Master bank decided that in period of 20th November to 2nd December the sanctions  are not applied for legal and physical persons who don’t pay the instalment rate on time, said Bank of Russia.

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