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Russia Banks Turn Away Clients as Borrowers Lag Behind

Corrected

JSC Alfa Bank, the Russian private bank founded by billionaire Mikhail Fridman, is scaling back lending for all but the most affluent clients after a growing share of customers fell behind on payments this year.

The Moscow-based bank last month shut down point-of-sale lending in 15 of the smaller towns where it does business, those with less than 300,000 people, said Mikhail Povaly, head of the consumer business. It also plans to close some of its 280 branches in Russia, Povaly said.