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 …read more
Source: Business Insider
