Most foreign banks operating in Russia will leave the country within the next three years, said General Director of the Analytical Credit Rating Agency (ACRA), former Deputy Chairman of the Central Bank Mikhail Sukhov, on June 13 in a conversation with Izvestia.
“We expect most foreign banks to withdraw from business in Russia within three years. In total, we have more than 50 credit institutions in the country controlled by foreign capital,” the expert said.
Sukhov said that the capital of some foreign banks is controlled by states that are friendly to Russia, such as China. Such banks will probably not leave Russia.
The ACRA head also believes that the country will close small banks owned by large businesses and close credit institutions that are part of larger groups. This is because the owners – the state or private owners – will seek to cut costs.
Source: Rossa Primavera News Agency