Russia revokes Agrochim bank's banking licence

MOSCOW, Dec 30 (Reuters) - Russia’s central bank said on Tuesday it had revoked the licence of Agrochim, with the Moscow-based bank unable to meet creditors’ demands.

The central bank has withdrawn around 20 banking licences since the end of August as mistrust and the liquidity crisis take their toll on Russia’s 1,000-plus banking sector.

Due to the lack of liquidity, Agrochim has not executed settlements and its shareholders are unable to recover bank’s finances the central bank said in a statement. The bank focuses on agragrian and chemical production sectors.

Agrochim’s depositors will have to apply to the Deposit Insurance Agency to get their money back. Authorities have raised the level of deposits guaranteed by the state to 700,000 roubles ($23,950), around 40 times the average monthly wage. ($1=29.23 roubles) (Reporting by Dmitry Sergeyev; Editing by Mike Nesbit) (; Tel: +7495 7751242, Reuters