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Russian regulator revokes 3 more licenses in banking sector restructuring

December 10, 2014, 17:52 UTC+3 MOSCOW
The Russia's Central Bank has already revoked 83 licenses since the start of this year
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© ITAR-TASS/Sergei Bobylev

MOSCOW, December 10. /TASS/. Russia’s Central Bank has stripped three more credit institutions of their licenses in a continued effort to clean up the domestic banking sector and make it financially healthy, the regulator said in a statement on Wednesday.

The licenses were revoked from the Moscow-based Trade Construction Bank ranked 494th in the Russian banking system, Buzulukbank located in the Orenburg Region in the south Urals (737th place) and the non-bank credit institution First Land Settlement Center based in Kursk in central Russia (840th place).

The Russian regulator has already revoked 83 licenses since the start of this year. Last year, the Russian Central Bank revoked 32 banking licenses.

The large-scale effort to clean up the domestic banking sector from inefficient operators started with the appointment of Elvira Nabiullina as the Central Bank chief in June 2013. The efforts aim to make the country’s banking system financially healthy and resilient to market shocks.

The regulator has paid special attention to financial institutions that are not large in size and conduct risky operations and violate capital adequacy and transparency requirements.

The Central Bank head has said a decision on license revocation is an “extreme measure” when all the other methods of “influence on a particular bank have been used up.”

The Central Bank chief said in late November that most of the work to clean up the banking sector had been done.

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