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The Covid-19 crisis will accelerate consolidation in the Russian banking sector by creating M&A opportunities, the co-founder of the country’s third-largest privately owned lender tells Euromoney.
Sergey Khotimskiy, who set up Sovcombank in 2001 with his brother Dmitry, says the sector will take a “significant hit” from the pandemic.
“We expect the net profit of the banking industry in Russia to be 50% lower in 2020 and 2021 than last year,” he says.
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