FAS decided to oblige banks to approve all transactions for the purchase of competitors

Olga Sergeeva, head of the FAS financial markets control department, said that the service is working on a bill that will allow it to strengthen control over transactions involving the purchase of their competitors by large banks. According to a press release on website services, the document will oblige banks to coordinate the purchases of their competitors, regardless of the size of the assets of the purchased company. The document will also be developed by the Ministry of Finance and the Bank of Russia.

According to current legislation, large financial organizations are required to coordinate with the FAS transactions for the purchase of their competitors if the assets of the purchased organization exceed 29 billion rubles. The FAS believes that innovations will help “identify and eliminate unjustified competitive advantages of some financial market participants over others.”

In June, the Central Bank invited banks to unite with each other or around major players through the mechanism of “umbrellas” and “alliances.” According to “Vedomosti”this proposal was not supported by the overwhelming majority of bankers – even small banks intend to maintain sovereignty.

Polina Motyzlevskaya