Fitch: Half Russian banks to close in next four years

Baku. 6 October. REPORT.AZ/ Almost half of banks in Russia can be reduced and make only 300 within four years.

Report informs citing the RBC, the forecast was provided by Fitch Ratings international agency. The agency also said that 50 banks for the Russian economy would be enough.

Reduction of the number of banks from current 532 to 300 will lead customers to focus on more stable and state-owned banks. Dominance of State-owned banks will increase. Thus, except for Sberbank, support from government to the state-owned banks continue since 2008 and for this purpose 2 trln. rubles ($ 34 billion) allocated to them.

Notably, by law adopted by State Duma, banks in Russia will be divided on base and universal licensed banks starting from January 1, 2018. Universal license will be given to banks with capital of 1 billion rubles with a ruble ($ 17 million), and a base license to banks with capital of 300 million rubles ($ 9.2 million). Banks with base license will be unable to work with non-residents.