In three to five years traditional banking system is completely broken. This was during the Eastern economic forum, said the President of Sberbank German Gref, reports the correspondent.<url>.
“It will be completely broken banking sector in the coming years. It won’t be 10 years, it will be three years, it will be five years”, — predicts the head of Russia’s largest financial institution.
He explained that the demolition will be associated with huge changes in the banking sector. “We are now discussing the so-called “sherengovoy economy, or economy on demand — on demand. And this will break so many familiar sphere and the industry,” he said.
The financial industry, according to Gref, is experiencing a “major paradigm shift”. “This fracture can be on top, and you can be swept away by this wave,” — concluded the head of Sberbank.
The second Eastern economic forum will be held 2-3 September 2016 in Vladivostok. It involves delegations from China, Japan, Republic of Korea, India, Vietnam, Australia, USA, Singapore and several other countries. The Central event of the forum session with the participation of the President of Russia Vladimir Putin, Prime Minister of Japan Shinzo Abe and the President of the Republic of Korea Park Geun-Hye.
The first East economic forum was held in September last year. It was attended by delegations from 24 countries. They discussed issues of investment climate, support for entrepreneurship, and energy and infrastructure projects. On the sidelines of the WEF in the past year agreements were reached at 1.7 trillion rubles.
.<url> — General Internet-partner of the Eastern economic forum.
