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. Last Updated: 07/27/2016

Chara Bank Loses License After Accounts Frozen

The Russian Central Bank said Friday it had revoked the banking license of the Moscow-based Chara Bank, which froze payments to about 70,000 depositors in October 1994.

The Central Bank said it took the action Thursday because of what it termed numerous infringement of regulations by Chara.

Chara Bank failed last year in a bid to work out a stabilization program with the Central Bank.

Before its collapse, Chara had gained a reputation as a place for intellectuals and the political elite to put their money. Investors were attracted in part by hefty interest payments that averaged 15 percent monthly on a $3,000 deposit.