Support The Moscow Times!

Now is the time to support independent reporting from Russia!

Contribute Today

BPF Bank Closes 15 Offices Pending Insolvency Investigation

The Bank of Project Financing, or BPF, stopped servicing clients in 15 branch offices on Tuesday, pending a Central Bank decision on the institution's solvency, BPF said in a statement Wednesday.

The Central Bank began a check of BPF on Friday. On the same day, a representative of the regulator was in one of BPF's branches answering questions from depositors. Complaints about nonpayment were forwarded to the Central Bank, Interfax reported.

Since a rush by panicked deposit-holders to withdraw funds on Nov. 29., BPF reportedly launched a stabilization program, aiming to restore liquidity and diversify its assets.

As of the end of the third quarter, the bank was ranked 129th in the country by assets.

Read more