18 Nov 2015 11:55

VTB head sees number of banks in Russia shrinking by 60-80 in 2016

MANILA. Nov 18 (Interfax) - The head of Russian state bank VTB , Andrei Kostin expects the number of banks in Russia to continue to shrink at a rapid pace and that their number could decrease by 60-80 in 2016.

"I always forecasted [a significant decrease in the number of banks]," Kostin told reporters on the sidelines of the APEC summit in Manila on Wednesday, commenting on how many banks might go out of business in 2016.

"The expectations are simple - look at how many licenses the Central Bank is pulling per year, and in a year this will be about how many there will be fewer. It varies - 60 to 80 licenses per year," Kostin said.