12:43 GMT +321 February 2017
Live
    Президент России Владимир Путин

    Russia Has Too Many Banks Putin

    © RIA Novosti. Alexei Druzhinin
    Russia
    Get short URL
    0 18 0 0

    President Vladimir Putin said Wednesday that there are too many banks in Russia, Prime business news agency reported.

    MOSCOW, January 22 (RIA Novosti) – President Vladimir Putin said Wednesday that there are too many banks in Russia, Prime business news agency reported.

    “We have just under a thousand banks. That is, of course, a large quantity of financial institutions for our economy,” Putin said during a meeting with a group of Moscow students.

    Dozens of Russian banks have been shut down in recent months after the financial regulator pulled their banking licenses in a campaign to tighten oversight of the country’s lenders.

    Putin compared Russia to Germany, where he said there were just 250 banks.

    “Some [Russian] financial institutions should increase their capital and their assets in order to feel secure and be in a position to fight for a quality credit portfolio,” Putin said.

    Elvira Nabiullina, a former economic development minister and advisor to Putin, was appointed chairwoman of Russia’s central bank in June, and has made a push to rein in shadow banking a key part of her agenda for the regulator.

    Experts have predicted that a drive for consolidation in the sector could precipitate a flood of new customers for the large state-owned banks that dominate Russia’s financial system.

    Tags:
    Vladimir Putin, banks
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment