Report: Cbank promises to finish banking purges in 2–3 years

MOSCOW, Oct 27 (PRIME) -- The central bank plans to finish a purge of the banking industry from unfair players in the next two or three years, but its major phase is over, Deputy Chairman Vasily Pozdyshev said in an interview to Komsomolskaya Pravda daily published on Friday.

Since Elvira Nabiullina has become the chairwoman of the central bank in 2013, more than 300 banks were closed, including medium-sized and large banks.

“I think that we have passed the major and the toughest phase of the cleaning the banking market. The majority of banks operate fairly. We plan to get rid of the last con artists here in the next two or three years,” Pozdyshev said.

The majority of banks abide to law and open fraud is a rare guest in the industry. “But the oversight cannot control the behavior of every single banker. This is why as long as the banking system exists, there will be our Ostap Benders and foreign Madoffs there, as well as other con artists,” he said.

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