The Russian banking system has been, and still is open for foreign banks.
We need serious changes in the banking system, not evolutionary, but revolutionary changes so that we could move away from the system’s inertia.
Today, by way of illustrating the banks’ adaptation to new conditions, we may speak about banks as IT companies holding banking licenses.
In the next 3–4 years banks have to address significant challenges that exist across the board. Banks have to develop a differentiated strategy and to invest in regulation improvement and technology changes.
We are still feeling the consequences of the 1998 and 2008 crises. Virtually no serious steps have been taken recently to sanitize the banking system and to overcome the negative consequences of those crises.
One of the most complicated issues of the global banking system is that the interest rates have stabilized around zero or are even negative which essentially makes banking activity meaningless.
In cooperation with Russian Export Center
In partnership with ‘Conoscere Eurasia’ Association