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Russia revokes licenses from 3 more banks in cleansing

Sixty-three banking structures were stripped of the right for financial services in Russia this year

Elvira Nabiullina EPA/ANATOLY MALTSEV

Elvira Nabiullina

© EPA/ANATOLY MALTSEV

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Russian regulator revokes 3 more licenses in banking sector restructuring

MOSCOW, October 9. /TASS/. The Central Bank of Russia (CBR) has revoked licenses for banking operations from three regional commercial banks, namely Moscow’s Universal Credit, Rostov-on-Don’s Doninvest and Moscow's Narodny Credit, the monetary regulator said.

The decision was taken due to banks’ violation of CBR’s regulatory acts and a high-risk monetary policy.

Sixty-three banking structures were stripped of the right for financial services in Russia this year. So, their total number went down to 868. Thirty-two banks were deprived of licenses in 2013. CBR chief Elvira Nabiullina said earlier the decision to revoke a license was “a measure of last resort” taken when "other ways of influence a bank are exhausted."

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