Russia introduces emergency administration in the largest Crimean bank due to insolvency
The Central Bank of Russia introduced a temporary administration in Genbank, one of the largest banks in the Crimea, as reported on the bank’s website.
The bank, which was found to have a shortage of funds, will be salvaged by becoming a part of Sobinbank, which is part of the Bank Rossiya Group. The US Department of the Treasury believes that Rossiya is the personal bank of the top leadership of the Russian Federation. The shareholders of the institution are members of President Putin’s inner circle and are associated with the Ozero Dacha housing cooperative.
Genbank is one of two main banks …read more