Director of the USUE Institute of Finance and Law Maxim Maramygin about the split of the Association of Russian Banks

New Day, 18.07.17. 

Eight of the largest banks announced their withdrawal from the Association of Russian Banks, accusing the president of the ARB of the split.  This is the most massive demarche against one’s own union in the Russian financial market. 

"First of all, this is a struggle of ambitions.  On the one hand, Mr. Tosunyan, who did not really listen to the opinion of some very important players.  On the other hand, look who withdrew from the Association:  these are banks that serve 80% of individuals and 70-75% of legal entities, that is, the main holders of wholesale and retail.  ARB is now a consortium of small banks.  On the other hand, the Central Bank for a long time refers to a creation of a group of backbone banks, and those who have just left - they are too-big-to-fail.  It is possible that it is a preparation for the emergence of a new group of banks," director of the USUE Institute of Finance and Law Maxim Maramygin thinks. 

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Eight of the largest banks announced their withdrawal from the Association of Russian Banks, accusing the president of the ARB of the split. This is the most massive demarche against one’s own union in the Russian financial market.