Russia Finds Trail of Fraud Behind Biggest Bank Failure in Year

Russia’s central bank, on the prowl for mismanaged lenders as part of an unprecedented three-year cleanup, is picking up right where it left off.

The regulator on Friday revoked the licenses of two lenders, including the nation’s 42nd-biggest, Tatfondbank PJSC, after efforts to save them collapsed amid evidence of fraud. The affiliated banks are based in Tatarstan, an oil-rich and predominantly Muslim region in central Russia.