50-100 banks are enough for Russian economic system – Alfa-Bank CEO

TASS Russian News Agency | Jun 25, 2019 at 5:32 PM

MOSCOW, June 25. /TASS/. Revocations of licenses from unfair banks are justified and 50-100 banks are enough for the Russian economic system, Chief Executive Officer of Alfa-Bank Vladimir Verkhoshinsky told TASS in an interview.

"I believe recalling licenses from unfair players is proper. It seems to me 50-100 banks are quite sufficient for the economy of our size," the top manager said.

Verkhoshinsky noted that he does not support an increase of deduction to various funds. "It turns out that fair banks continuing to normally manage their business and providing services to clients are paying for losses and failures of those running the doubtful business," the banker said.

424 banks are operating in Russia as of June 1 of this year. The regulator recalled licenses of 60 banks over the last year, whose share in banking sector assets was less than 1% and lower than values of prior years.