Russia Withdraws Licenses From Two More Banks

Russia's central bank has revoked the licenses of two more banks as part of an effort to consolidate the country's banking sector.

The Bank of Russia said on February 8 that Intercommerz, the country's 67th lender by assets, failed to adequately assess risks despite the poor quality of its assets and was involved in "dubious" transactions.

The central bank said it also revoked the license of a smaller lender, Alta-Bank, saying it had failed to meet its obligations to creditors.

The Bank of Russia continues to weed out weak or fraudulent lenders after revoking about 100 banking licenses last year.

In January, it withdrew the license of Vneshprombank, the nation’s 40th biggest bank by assets, after evidence was uncovered that "persons exercising control over the bank" had stripped its assets.

Based on reporting by AFP and Reuters