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. Last Updated: 07/27/2016

200 Banks to Fold

MOSCOW -- About 200 Russian banks will lose their licenses by the end of this year, a top Central Bank official said Wednesday.

The Central Bank will pull the licenses of banks that show signs of insolvency and banks whose shareholders do not want to restructure, Vladimir Goryunov, a deputy chairman of the Central Bank, said at a news conference in St. Petersburg.

About 500 Russian banks, or 30 percent of the total, are currently in trouble, he said.