* First top 30 Russian bank to lose licence
* Central bank says hopes to recoup issued loans to IIB
* Bad news for Eurobond holders
* Not expected to impact rest of the system
(Recasts quotes from c.bank, IIB, analyst)
MOSCOW, Oct 5 (Reuters) - Russia cancelled the banking licence of the International Industrial Bank (IIB) on Tuesday, the first among the country's top 30 banks to be subjected to the measure since the onset of the economic crisis in 2008.
The loss of licence for IIB -- owned by a well-connected tycoon and member of parliament, Sergei Pugachev and known as Mezhprombank in Russian -- came three months after it defaulted on a Eurobond and restuctured debts to biggest creditor, the central bank said.
"Due to a loss of liquidity, (IIB) did not fulfil its obligations to creditors in a timely manner. In addition, the lender did follow a highly risky policy and did not create adequate provisions," the central bank said in a statement.
"Furthermore, the bank provided Bank of Russia with incorrect financial reports and did not meet the demands of the regulator," it added.
Analysts and policymakers say IIB's case is unique and should not have repercussions for the sector as its business is atypical, focused on financing the United Industrial Corporation (OPK) conglomerate controlled by Pugachev and his family.
"We see IIB's situation as completely isolated... Thus we do not see any negative implications for the credit profiles of other Russian banks, either fundamentally or in terms of market perception," VTB Capital analyst Maxim Raskosnov said in a note.
The regulator has revoked a few dozen licences during the crisis and its current aftermath, but until now only the smaller players in Russia's 1,000-strong sector had been affected.
Nonetheless, the cancelation of IIB's licence and the central bank's determination to get back the 32 billion roubles ($1.05 billion) it is owed bodes ill for the Eurobond holders.
Central Bank Deputy Chairman Alexei Ulyukayev said on Tuesday that the regulator hopes to recoup the funds issued to IIB in the next few months and that it may liquidate the collateral received from IIB.
"We interpret this as an intention to sell the shipyards, which are pledged to the central bank," Raskosnov said.
"Overall, we see the incentives of IIB's controlling shareholder to return money to the bank and its creditors as very low, and thus expect recoveries for bondholders to be close to zero."
Yields on IIB's 2013 Eurobond, issued in February with an 11 percent coupon, have reached 82.63 percent, having more than doubled since the end of August.
IIB, which manages assets of some 300 billion roubles, became the first Russian lender to default on a Eurobond in more than a decade earlier this year, failing to redeem some 200 million euros worth of debt and subsequently persuading the bondholders to restructure.
In a press release obtained by Reuters, the head of OPK Sergei Serov said he "fully shares the confidence of... Ulyukayev that all obligations of IIB will be fulfilled".
Serov said the estimated market value of OPK's unit, OPK Shipbuilding -- which has been pledged as collateral with the central bank -- at 100 billion roubles, adding that this amount "exceeds all obligations of IIB".
OPK controls a range of assets including the shipyards and the YPK coal mining subsidiary. YPK entered into talks with Japan's Mitsui & Co over the sale of a large Siberian coal deposit in July. OPK values the coal subsidiary at $5 billion. ($1=30.44 roubles) (Reporting by Daria Korsunskaya, Andrey Ostroukh and Alfred Kueppers; Writing by Lidia Kelly and Toni Vorobyova; Editing by Hans Peters, Mike Nesbit)