Banks of Russia, Kazakhstan may expand into Belarus by 2020

MINSK. November 25. KAZINFORM Keeping in mind the single economic space which is soon to become functional, the banks of Russia and Kazakhstan will have an opportunity to branch out into Belarus by 2020. Belarusian banks, in turn, will be able to enter the markets of Russia and Kazakhstan, chief counselor of the main banking surveillance department of the National Bank of the Republic of Belarus Svetlana Malygina said at the 6th specialized exhibition of financial services "Bank. Insurance, Leasing", BelTA has learnt.

In her words, in a decade it will be technically possible for banks to open their offices in the EurAsEC member states.

The National Bank, however, is slightly concerned about possible consequences of their arrival at the Belarusian market. The bank is afraid it will be unable to provide full regulation of the activities of foreign banks in the country. At the same time Svetlana Malygina noted that the banking extension has enough advantages for consumers: new more available products first of all; Kazinform refers to BelTA.

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