Nabiullina admits that competition in Russia's banking sector low

Nabiullina admits that competition in Russia's banking sector low

Competition among Russian banks is not very strong, and the central bank’s purge of the sector from bad players is one of the reasons for that, the Russian Central Bank chairperson Elvira Nabiullina said during a forum in Sochi.

"We have historical problems, and the central bank often hears fair criticism that improvement of the banking sector’s health led to a higher share of state banks, and we do have a large share of large banks," PRIME cited Nabiullina as saying.

"We would very much like to create equal conditions for competition through joint actions with the regulator without creating obstacles for technological leaderships…So that all remote corners are reached, and so that inclusion of financial services reaches the levels that we are discussing now," the regulator’s chairwoman noted.

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