VTB Chief Urges Russian Central Bank to Reduce Number of Lenders Amid Mounting Problem Loans

Andrei Kostin, CEO of Russia's state-owned VTB bank, called on the Central Bank to continue reducing the number of lenders in the country. He cited intense competition for customers and a rise in problem loans, which accounted for up to 13% of banks' loan portfolios as of September 1. Customers have withdrawn 3 trillion rubles ($36.3 billion) in cash since the start of the year. The Central Bank is also set to increase minimum capital requirements for banks starting in 2028.