Dagestan’s Imbank loses license

The Russian Central Bank will nullify the license of the Imbank bank in Makhachkala on January 20, 2014, Yuga.ru reports.Imbank failed to follow federal laws, the Central Bank says. An audit revealed cases of falsified account data.Imbank specializes in loans for individuals and servicing accounts of local companies. Another bank in Dagestan, Naftabank, lost license in late November 2013 for the same reasons. Naftabank went bankrupt in January 2014.

The Russian Central Bank will nullify the license of the Imbank bank in Makhachkala on January 20, 2014, Yuga.ru reports.

Imbank failed to follow federal laws, the Central Bank says. An audit revealed cases of falsified account data.

Imbank specializes in loans for individuals and servicing accounts of local companies. Another bank in Dagestan, Naftabank, lost license in late November 2013 for the same reasons. Naftabank went bankrupt in January 2014.