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. Last Updated: 07/27/2016

MIB’s License Gets Pulled Following Investigation

The Central Bank on Thursday withdrew the license of Mezhregionalny Investitsionny Bank, or MIB, and put the lender into temporary administration.

The bank’s president, former Deputy Finance Minister Vadim Volkov, was involved in the investigation into Deputy Finance Minister Sergei Storchak’s alleged attempted embezzlement of budget funds. MIB’s license was also canceled for significant inaccuracies in its reporting to regulators, inability to meet creditors’ demands or to make required payments, the Central Bank said in a statement.