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Russian central bank cancels Kemsocinbank license

Russia's central bank withdrew the banking license of JSC Kemsocinbank over its noncompliance with capital requirements.

The Bank of Russia also placed the bank under provisional administration until a receiver or liquidator is found, the regulator said May 31.

The central bank said the company's equity capital adequacy ratios were below 2% and its capital level fell below the minimum requirement. An inspection also revealed the presence of low-quality loan debt on its balance sheet, the central bank said.