Gazprombank head speaks on Russian banking system

Numerous regulations don't let Russian banks criticize major enterprises, board member of the Association of Russian Banks, Chief Executive Officer of Gazprombank Yury Lvov declared at the eighth special session of the Association today. "For example, regulations of the Bank of Russia concerning the volume of risk per one borrower don't let us criticize the Gazprom gas giant. In this connection, we should make a difference between the cash gap and investment projects," Lvov stressed.

In his opinion, Russia should have several major and high-capitalized banks with a wide affiliate network, such as Sberbank. This requires improvement of the legal system of consolidation of credit organizations, the official emphasized. In addition, we need to simplify the procedure of opening affiliates and additional offices, especially for regional banks, Lvov remarked.

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