Russia’s zombie banks will be taken out, one by one. Missing from the neon, corporate logos atop long rows of neo-classical buildings are the blue lights advertising Otkritie Bank. Or it means the Russian Central Bank, led by the highly respected Elvira Nabiullina, is forcing banks to get with the program. One target was to achieve low inflation, and the second was to clean up the Russian banking sector. Oliver Hughes, CEO of Tinkoff Bank, Russia’s first digital-only lending institution, says the shake-up in the banking sector is long overdue.

Source: Forbes October 26, 2017 18:56 UTC