Consolidation in Russian banking is finally taking place, raising hopes that the system will be able to effectively meet the demands of the real economy.
“The message from the authorities is that they are ready to support consolidation in the banking sector,” says Dimitri Kryukov, managing partner at Russian fund manager Kazimir Partners, adding: “Right now every bank is struggling.”
Despite the authorities in the Kremlin having pledged Rb3 trillion ($108.5 billion) or so to prop up the banking system, market participants say that it will take time before the measures take effect.
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