Business

MOSCOW (Web Desk) – Russia’s central bank said that it had withdrew the licenses of two more banks as part of government efforts to consolidate the sector as economic troubles mount.

The Bank of Russia said on Monday that it had revoked the license of a smaller lender, Alta-Bank. The country’s 186th bank by assets, Alta-Bank had failed to meet its obligations to creditors, the central bank said.

The Russian authorities have been trying to clear the banking sector of hundreds of fragile banks which are often found to employ doubtful or illegal practices.

Last month, the Russian authorities declared Vneshprombank, the country’s 40th-biggest lender by assets, insolvent. The bank counted several members of the country’s political elite as clients.

The central bank said it withdrew Vneshprombank’s license because of its financial difficulties and involvement in money-laundering.