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    Russian banks should develop faster due to Russia's WTO entry

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    The Russian banking sector should accelerate its development, pending Russia's accession to the World Trade Organization (WTO), the head of the state-run foreign trade bank said Sunday.

    HANOI, November 19 (RIA Novosti) - The Russian banking sector should accelerate its development, pending Russia's accession to the World Trade Organization (WTO), the head of the state-run foreign trade bank said Sunday.

    Russia and the United States signed November 19 a final protocol on bilateral terms, paving the way for Moscow's entry into the world trade club.

    "Russian banks need substantially to consolidate, strengthen and grow because the WTO is, indeed, a serious challenge for us," Vneshtorgbank President Andrei Kostin said.

    Kostin said Russia's entry into the world's largest trade body would lead to the liberalization of the country's financial and banking sectors.

    "No doubt, we need to accelerate our development because there will be no guarantees, protection and barriers we enjoyed before," Kostin said.

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