Central bank suggests banks set up unions to cut costs

MOSCOW, Jun 2 (PRIME) -- The central bank has suggested banks consider establishing special banking unions in order to cut costs, raise the business volume and client base, according to a statement of the regulator published on Friday.

"The regulator has suggested banks consider establishing so-called special banking unions, because partnership may help banks develop their business models, cut costs (for instance, on IT and marketing), raise the business scope and client base," the ruler said.

The authority suggested setting up unions either on a parity, or on an umbrella basis depending on the size of banks. The central bank is open for proposals of the market participants on the issue, it said.

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