Russia's central bank revokes licenses of 2 banks

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Russia's Central Bank has withdrawn the licenses from two of the country's banks as part of a larger effort to consolidate the banking sector.

The Central Bank announced on Monday that it has revoked Interkommerzbank's license. It said there was a significant imbalance between the assets and liabilities of the country's 67th largest bank.

It also withdrew the license of the country's 186th largest bank, Alta Bank.

The closures are part of the Central Bank's campaign to consolidate the banking sector, currently characterized by a large number of small banks. The movement is controversial; it creates greater long-term stability, but there is uncertainty about which bank is next.

Interkommerzbank and Alta Bank clients will be able to recover up to 1.4 million rubles ($18,207) of their assets.