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Russian regulator revokes 2 banking licenses

The Central Bank of the Russian Federation revoked licenses held by Commercial Bank NKB (LLC) and JSCB Red Gates and put the lenders into provisional administration until the appointment of a receiver or a liquidator.

The regulator pointed to problems with asset quality at both lenders. In addition, Red Gates Bank experienced liquidity problems, while NKB Bank did not comply with regulations aimed at combating money laundering and financing of terrorism.