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The Federal Antimonopoly Service (FAS), the Ministry of Finance and the Bank of Russia will develop a bill for additional control over transactions involving the purchase of their competitors by large financial organizations. FAS intends to oblige banks to approve all transactions reported in the press service of the department.
The service explained that now the bank needs to agree on a deal with the FAS if the assets of the acquired credit institution exceed 29 billion rubles.
“In the opinion of the department, given the level of concentration in the banking sector, transactions of large financial organizations to purchase their competitors must be approved by the antimonopoly authority, regardless of the size of the assets of the financial organization-competitor,” the service said in a statement.
In June, the Central Bank proposed that banks unite with each other or around a large universal player – through the mechanism of “umbrellas” and “alliances”. However, how wrote Vedomosti reported that the overwhelming majority of bankers did not support the idea of the Central Bank. Only 7% of banks surveyed by Expert RA are ready to discuss this initiative. Both large and small players are determined to fight for their place and maintain sovereignty.
In the first eight months of 2023, domestic banks earned record 2.4 trillion rubles. net profit – this corresponds to the indicators for the entire 2021. In August, credit institutions received a profit of 353 billion rubles, which is 8% higher than the July result (327 billion rubles).
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