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. Last Updated: 07/27/2016

Gref Backs Consolidation

DAVOS, Switzerland — Russia should consolidate its banking sector rather than break up the larger banks or hinder their operations, Sberbank CEO German Gref said Wednesday.

“In Russia, we have a different theme — we need to make small banks bigger, not to break big banks into pieces,” Gref said on the sidelines of the World Economic Forum.

He said U.S. President Barack Obama’s plans to curb big banks were unlikely to have a major impact in Russia.

(Reuters)