By Andrei Skvarsky.
Moscow’s AMT Bank, until 2009 co-owned by major Kazakh lender BTA, has had its licence annulled by Russia’s Central Bank with effect from today.
AMT has been failing to comply with “federal laws regulating banking activities” and presenting false accounts, the Central Bank said in a statement.
UniCredit analyst Rustam Botashev said this was the first time the Central Bank had opted not to bail out a troubled financial institution of such size.
“We believe the regulator will be much stricter on banks. Although AMT Bank’s failure does not appear to represent a systemic risk, we believe that investors will take its collapse negatively, meaning that banking stocks could come under pressure,” Botashev said.
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