Still Too Many Banks in Russia, Fitch Agency Says

Russian news agency Rosbalt quotes the Director of the Financial Institutions Analyst Department with Fitch Dmitry Vasilyev who stated that the number of banks in Russia remains too high even after the Central Bank’s recent cleanup. The number of banks was reduced from over 1,000 to approximately 600 within the last couple of years, Vasilyev…

JP Morgan joins Goldman Sachs in teaching Russia how to be a fair lady

Today’s edition of business daily Vedomosti.ru reports that investment bank JP Morgan is about to take on the role of adviser to the Russian Ministry of Finance on how to improve the country’s credit rating. Russia’s current credit ratings are Baa1 according to Moody’s, and BBB according to Fitch and S&P. The Ministry’s financial management…