Operation of Express, one of Dagestan’s leading banks, has been halted by the Russian Central Bank, RIA Novosti reports.
Owners of Express credit cards of the bank cannot get cash. The bank was ordered to return clients with sums under 700,000 rubles deposited at the bank.
Unofficial information about bankruptcy of the Express was first published in January when many cash dispensers of the bank were closed.
The bank had deposits worth a total of about 5.6 billion rubles, according to calculations of early December. The bank has over 200,000 clients, including some 3,000 enterprises and organizations. Express was founded in 1994 and remains one of the largest credit organizations of the republic. It has 10 shareholders with 10% of shares each.
