Central bank freezes most Czech activities of Russian bank

09-03-2016 updated

The Czech National Bank Wednesday took the exceptional step of banning the Russian bank active in the Czech Republic, ERB, from offering loans or accepting cash on accounts. Its remaining activity has been limited to zero risk areas. Most of the bank’s operations regard financing Czech business in Russia but it also offers basic banking services with branches in Prague and Karlovy Vary. It opened its first Czech branch in 2009.