November 17, 2021

5-7 players to divide up Russian financial market in 3-5 years, Alfa-Bank CEO says – Business & Economy

ST. PETERSBURG, June 5. /TASS/. The Russian financial market will be divided among 5-7 players in 3-5 years, CEO of Alfa-Bank Vladimir Verkhoshinsky told TASS in an interview on Friday at the St. Petersburg International Economic Forum.

“One more recent global trend leading us to a new strategy is the ‘growth game’ or oligopolization. Look at the largest bank, for example, in the retail banking business. The list of leaders changed by two-thirds over the last decade, if we do not take Sber and VTB into account. While the top ten players accounted for 50% of the market earlier, the figure is 70% now. This trend is speeding up. The strongest ones grow on account of the weak ones. I believe 5-7 players will share the market in Russia in 3-5 years,” the banker said.

Alfa-Bank will be among leaders and will strengthen its positions, the top manager noted. “M&A is not needed for…

Read full article here: