Russia’s central bank has annulled the forex dealer licence of PSB-Forex, a unit of Promsvyazbank, around four years after its launch.
The forex dealer had been dealing with weak financial performance, losing money ever since launch and had a small active trader customer base.
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It had filed to the Russian regulator to voluntarily cancel the licence of its retail brand.
“On December 22, 2020, the Bank of Russia decided to cancel the licence of a professional participant in the securities market to carry out the activities of a forex dealer dated April 7, 2017 No. 045-14023-020000, issued to PSB-Forex Limited Liability Company (INN 7725323192; OGRN 1167746652193), for on the basis of a license waiver application,” the central bank said in a statement.
The closure of PSB-Forex’s operations would lower the number of licensed forex dealers in the market to three.
Other banking news in Russia
Recently, Nordea Bank decided to close its banking business in Russia entirely to focus on its customers in the core market.
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By GlobalDataLast month, the National Bank TRUST (NB TRUST), a retail bank in Russia, said that it is looking to buy certain assets of state-owned lender VTB.
Meanwhile, this October, Russia’s online bank and subsidiary of TCS Group Tinkoff Bank ended a $5.5bn sale to internet services company Yandex.
Yandex had reached an agreement in principle to buy Tinkoff Bank for $5.48bn in September this year.
