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Author`s name Alex Naumov

Five hundred Russian banks to close in 2009 - Comments

Professional bankers expect a quick liquidation of hundreds of banks at the end of forthcoming summer. Most of the banks will be closed due to their small capitals and because of the clients that will not be able to pay off their debts. Alexander Turbanov, the head of the Deposit Insurance Agency, said that the number of banks will decrease in Russia during the second half of the year.

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