Fifty banks will leave the Russian market in the next year and a half

The reduction in the number of banks in the country will be more affected by the outflow of non-residents, the consolidation of the sector, reports Izvestia.

Until the end of 2022, with the restoration of supervisory practices, about a dozen banks will leave the market, by the end of next year – another 30-40 participants, Mikhail Sukhov predicted.

Currently there are about 60 credit institutions controlled by foreign capital on the Russian market. By the end of next year, about 20-30 of them will also leave the market. They will most likely go through the voluntary liquidation procedure.

The specialist hopes that individual relaxations in banking regulation may persist for a decade, while the “Basel” principles will hardly be replaced by national standards.

In early September, banks offered the Bank of Russia the creation of a closed online platform for reporting. Access to which only companies supervised by the regulator will have.

The Association proposed to give access to such data only to organizations controlled by the Central Bank: banks, MFIs, insurance companies, brokers, dealers and management companies, non-state pension funds, etc.

Earlier, the Bank of Russia presented its scenarios for the development of the national economy for the next three years, 2023-2025, in terms of inflation, GDP and key rate. You can learn more about them here.