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Moody's: About 10% of Russian banks likely to lose their licenses

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Moody's: About 10% of Russian banks likely to lose their licenses

Moody's expects about 10% of Russian lenders to lose theirlicenses and face liquidation over the next year, resulting in significantlosses for creditors.

The liquidations will be prompted by the 's continued efforts to clean up the country's bankingsector, the rating agency said April 13. It added that creditor-recovery ratesare likely going to be low because of inefficient bank-resolution proceduresand the lenders' diminished asset quality due to fraudulent activity.

As of March 23, Russia had a total of 711 licensed banks,while more than 250 lenders have gone into liquidation, Moody's said. It addedthat more than 190 lenders had their licenses revoked since the start of 2014,compared with 92 over the preceding four years, according to Russia's centralbank.