Reuters: Regulatory News: Russia to consolidate, strengthen its banks-Putin

Reuters: Regulatory News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Russia to consolidate, strengthen its banks-Putin Sep 7th 2012, 08:43 VLADIVOSTOK, Russia, Sept 7 | Fri Sep 7, 2012 4:43am EDT VLADIVOSTOK, Russia, Sept 7 (Reuters) - Russia will strengthen its financial sector by merging its banks, President Vladimir Putin said on Friday, in comments suggesting that state-controlled banks would entrench their domination of the sector. "We will consolidate our banks, but we won't do it quickly," Putin told a business forum in Vladivostok ahead of an Asia-Pacific summit, adding however that there would be no "forced" mergers. Putin also reiterated his commitment to maintaining an open capital account. Russia, which liberalised capital flows in 2006, has experienced hefty net capital outflows as a result of the global financial crisis. His comments reflected support for Russia's big state-controlled, Sberbank and VTB, against which foreign players are struggling to compete as their funding costs are typically higher.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions