Nabiullina: the market consolidation in the banking sector will continue

MOSCOW, 13 Oct. In Russian there is a niche small banks, the Central Bank’s policy is not aimed at reducing the number of banks, and the withdrawal from the market of weak players, so market consolidation in the Russian banking sector will continue, said the head of the Central Bank Elvira Nabiullina.

“An effective banking system can be with any number of banks, a lot of them or a few. The main thing — that these banks were healthy, financially stable… So the small banks, in my opinion, there is a niche, they can be effective in working with local clients, small business”, — said Nabiullina, speaking at the forum VTB Capital “Russia calling!”.

“Our policy is directed not at reducing the number of banks, but simply to the removal from the market of weak players, so that the banking system was financially sustainable. While I agree that will be market consolidation, and it happens, and we see it”, — stressed the head of the regulator.