OREANDA-NEWS. February 4, 2009. Russian PM Vladimir Putin deems it necessary to accelerate the consolidation process among Russian lenders. This statement was made at a meeting devoted to economic issues. "In order to boost the competitive edge of the Russian financial system, we should encourage the integration of lending institutions", Putin said.

He added that the law, which simplifies M&A deals in the banking sector, has already been endorsed. In addition, according to Putin, we cannot but agree with CBR's position that this process requires a cautious approach. Vladimir Putin explained that the regional component of the banking business is at issue, which should ensure the necessary scope of services provided in the Russian regions where regional banks often reach their clients more quickly than large banking institutions do.