Russian Central Bank revokes almost hundred licenses in 2016

In 2016, the Central Bank of Russia has revoked 97 licenses of banks, 17 licenses of non-state pension funds, 69 licenses of insurance companies and 32 license of management companies, the chief auditor of the Central Bank Valery Goregliad said at the Gaidar Forum.

According to him, 68 banks were recognized bankrupt, and annual reports of 59 of them have been deemed unreliable, TASS reports.

Out of 17 non-state pension funds, which lost licenses, 8 presented reports with material misstatements, 32 insurance companies and 14 management companies.