Russia’s banks will need a wider recapitalization, Andrey Kostin, CEO of No.2 lender VTB, has told the TASS news agency, with the scale of it to be determined later this year once there is a clearer picture of the losses the sector faces.
“I don’t know yet where the capital boost will come from but it will come for sure. Not only for VTB but for the wider banking sector, I think,” Kostin said on Tuesday, as he expected the financial sector to post losses this year.
