Foreign banks are bound to increase their involvement, claims Deputy Chairman of the Bank of Russia and Director of Crediting Organizations Inspectorate Gennadiy Melikyan

‘Foreign banks are bound to increase their involvement in Russian banking business,’ Deputy Chairman of the Bank of Russia and Director of Crediting Organizations Inspectorate Gennadiy Melikyan announced at the press conference on Friday.

‘Yet their share is not too big at the moment, especially compared to Poland or Hungary with their 95% share of foreign banks. We’ve only got 11%. It has been on the increase lately, but I don’t think we can expect a dramatic upstart,’ Mr Melikyan said.

‘We can only create subsidiaries of foreign banks in Russia and not branches as such as it is not legitimate at the moment and, anyway, it is too early: Russian banks should be given time to mature,’ Mr Melikyan said.


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