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More Russian Banks Will Be Closed
April 13, 2016 00:41


An international rating agency Moody’s predicts that 10% of Russian banks will lose their license and will be eliminated within the next 12 months. This is stated in a report by Rambler News Service on the 13th of April with a link to the Moody’s vice president’s words.

“The creditors will most likely suffer severely due to the bank elimination in Russia” -  the agency quotes. Mikhail Matovnikov, the leading analyst of Sberbank has given a similar forecast in March. According to him, Russia will lose about 60-70 banks. The expert believes that the biggest wave of elimination will be held in the first half of the year. He says that the elimination will be completed by the end of 2017.

First chairman of CB Alexey Simanovskiy on the 29th of February stated that the main work concerning clearing out the banking sector will be completed by the end of 2017. He has also stated that soon the banks will stop being eliminated in such large numbers.

The mass elimination of Russian banks started in 2013. CB has decided to clear out the banking sector by eliminating the banks that are not deemed trustworthy. In the majority of cases the banks lose their license because of law circumventions and because of high-risk policies.


Author: Anna Dorozhkina


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