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Russian banks and their customers are well-positioned to deal with the dual impact of coronavirus and a sharp fall in the price of oil, according to the chief executive of Alfa-Bank.
Speaking before Moscow went into indefinite lockdown on Monday, Vladimir Verkhoshinskiy said the Russian banking sector is much better prepared for a downturn today than it was before both the 2014 to 2015 Ukraine crisis and the global financial crisis.
He also dismissed suggestions that a surge in retail lending over the past three years could exacerbate the impact of Covid-19 on the industry.
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Vladimir Verkhoshinskiy, Alfa-Bank |
“In 2014 leverage was higher in all segments – retail, SMEs and corporates,” said Verkhoshinskiy.
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