7 Sep 2012 12:46

Russia will stimulate consolidation of banking sector, but without sharp movements - Putin

MOSCOW. Sept 7 (Interfax) - The Russian authorities will stimulate the consolidation of the banking sector, but without any sharp movements, Russian President Vladimir Putin said at the Asia-Pacific Economic Cooperation (APEC) Business Summit.

"We will consolidate banks, but we will not due so sharply, leading to hostile takeovers. But we will seek to consolidate banks," he said in response to participants' questions.

Russia currently has 965 credit organizations, including 905 banks.