Bank of Russia stops managing International Bank for Cooperation

The Bank of Russia’s PR Department reports that the Central Bank decided on October 19, 2007 to stop managing the International Bank for Cooperation with the help of a provisional administration beginning from October 22, 2007. The administration was initially appointed by the Bank of Russia on August 15, 2007, but it will now have to stop operating due to withdrawal of a license allowing the holder to perform bank transactions.