Author`s name Pravda.Ru

Russian Bank Disappears Without Settling With Creditors - Comments

Bankruptcy proceedings of the best bank of Yeltsin’s epoch have started SBS-Agro was one of Russia’s five largest banks before the 1998 crisis. The bank’s commitments made up 53 billion rubles. The number of SBS-Agro’s private depositors made up over 1 million, only the RF Savings Bank had a bigger number of depositors. It may sound surprising that the bank may exist even now. In fact, the Central Bank of Russia liquidated SBS-Agro’s license of bank operations only on January 16, 2003; and only on January 20 the Agency for Restructuring Credit Organizations (ARCO) announced beginning of bankruptcy proceedings in the bank. And this is despite the fact that the bank wasn’t operating since the end of 1998

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