(REUTERS/China Daily)Hundreds of Russian banks have no choice but to close down, merge or be acquired by larger rivals as a result of mismanagement, experts told Bloomberg.
The country has more than 820 lenders, a staggering number of which have a high ratio of bad loans on their balance sheets. Many will soon disappear.
“Russia has far too many licensed banks,” Christopher Weafer, a senior partner at Moscow-based consulting firm Macro Advisory, told Bloomberg. “Cutting the number to between 200 and 300 would be a very positive step.”
The staggering report comes as Russian President Vladimir Putin claimed during an appearance on national television that Russian banks have “grown well” and the economy is beginning to climb out of recent doldrums.
Full article: The Russian banking sector is about to implode (Yahoo!)