22.01 Russia Has Too Many Banks – Putin

MOSCOW, January 22 (RIA Novosti) – President Vladimir Putin said Wednesday that there are too many banks in Russia, Prime business news agency reported.

“We have just under a thousand banks. That is, of course, a large quantity of financial institutions for our economy,” Putin said during a meeting with a group of Moscow students.

Dozens of Russian banks have been shut down in recent months after the financial regulator pulled their banking licenses in a campaign to tighten oversight of the country’s lenders.

Putin compared Russia to Germany, where he said there were just 250 banks.

“Some [Russian] financial institutions should increase their capital and their assets in order to feel secure and be in a position to fight for a quality credit portfolio,” Putin said.