SBERBANK PRESIDENT OPTIMISTIC ABOUT FUTURE OF RUSSIA'S BANKING SECTOR

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MOSCOW, July 14 (RIA Novosti) - Equilibrium will be restored to Russia's banking sector before long, assures Andrei Kazmin, President and Board Chair of the government-owned savings bank Sberbank.

Mr. Kazmin spoke Wednesday at a banking forum, which had brought together the chiefs of banks affiliated with the Russian Banks Association and the Moscow Banking Union.

Mr. Kazmin and his counterparts discussed compliance with business ethics and considered proposals on the development of the Interbank market, the Russian Banks Association reports in a press release.

The press release quotes Mr. Kazmin as saying that Sberbank has not cut on the amount of loans to other banks and has even increased it in recent days. "Sberbank promptly considers all requests coming in and tries not to reject any one of them. Interbank crediting operations run into the billions of rubles per day," the Sberbank chief assures.

The President of the Russian Banks Association, Garegin Tosunyan, noted that not all members of Russia's banking community remained loyal to the principles of corporate ethics amidst nervousness on the financial market. Thus, for instance, some of the banks have been trying to lure clients away from their competitors, he said.

The market nervousness has now subsided somewhat, thanks to decisive measures carried out jointly by the government, the Bank of Russia, and the Russian Banks Association, the press release says.

At their forum today, the bankers agreed to set up a fact-finding commission within the Russian Banks Association, one that would be surveying market operators for information on failings to comply with corporate ethics vis-a-vis competitors. The Association plans to issue a special communique on the matter shortly.

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