MOSCOW, October 12 - RAPSI, Dmitry Shchitov. An appellate court upheld the Central Bank's decision to revoke Sotsgorbank's license, the Russian Legal Information Agency (RAPSI) reported from the courtroom on Wednesday.
Sotsgorbank is a middle-sized credit institution established in 1992.
On April 18 the Central Bank of Russia revoked Sotsgorbank's license after it failed to comply with the banking laws.
Sotsgorbank appealed the Moscow Commercial Court's August 3 decision, which dismissed its lawsuit against the Central Bank.
The Moscow Region Commercial Court validated on June 7 the Central Bank's decision to recognize Sotsgorbank bankrupt and opened bankruptcy proceedings at the bank.
The Deposit Insurance Agency was appointed the bankruptcy receiver.
