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. Last Updated: 07/27/2016

Mosbiznesbank Ruling

MOSCOW -- The Moscow Arbitration court has declared Mosbiznesbank bankrupt and put the bank into receivership.

The court's decision comes less than a week after the bank's majority shareholder the Bank of Moscow said it would shut Mosbiznesbank down, probably taking over any assets that remained.

The Bank of Moscow acquired a majority stake in the bank before the August 1998 financial crash and had been in the process of taking over Mosbiznesbank's assets when the latter's problems began.

As of October, Mosbiznesbank's liabilities topped assets by 4.1 billion rubles ($143 million), Interfax reported.