shout it out from the global on the other hand this isolation that and also insulates russia from granik anomic problems doesn't it in simple words if the financial catastrophe of two thousand and eight repeats itself today and the us economy starts to a nosedive again what really care. well it. degree of russia's integration into the global economy is so high that we have no choice but to care about such developments there are many things that is to the global economy for example if the global economy is growing oil prices follow suit which is important for us and that's a very basic fact and if the economy is in decline in demand for a key export commodity oil is dropping as well again that's something that we will care about the demand patterns are the same when global demand is on the rise. grow as well not only from russia but from any country and. that means that russia as part of the global economy would certainly feel it if the global annual growth rate which is about three point five to two point six percent decline global actors are interested in keeping the current pace of eco

isolate russia and shout it out from the global on the other hand this isolate insulates russia from granik anomic not insulates russia from granting comic problems doesn't it in simple words if the financial catastrophe of two thousand and eight repeats itself today and the us economy starts to nosedive again show what really care. well it. was a. good degree of russia's integration into the global economy so high that we have no choice but to care about such developments there are many things that tie is to the global economy for example if the global economy is growing oil prices follow suit which is important for us and that's a very basic fact and if the economy is in decline in demand for a key export commodity oil is wrong as well again that's something that we will care about the demand patterns are the same when global demand is on the rise export volumes grow as well not only from russia but from any country and. that means that russia as part of the global economy would certainly feel that if the global annual growth rate which is about three point five to two point six percent d

this has led to a mix of our granik -- organic growth and m&a.ne: what are the countries you are looking at? are you revealing anything for possible acquisitions? >> for wealth management, we are targets mainly of distribution in italy, and in terms of platform, we are affiliate like the one we did recently that was quite an interesting transaction. [indiscernible] alsoine: give me a sense -- you are the prominent investment bank in the italian landscape. what is your take on m&a? we have seen in the last two pipelinequite a robust and a number of deals announced both in m&a and in capital markets. we think that this kind of thing will continue. cost of debt will stay low. the amount of liquidity and , both capital incorporates, but also in banking sector and private equity, is very abundant. so we will see a continuation of this trend, this big one and midsize one, and also equity markets and capital markets that are open to this kind of trend. francine: one final question. you will have to come back with me in london. do you worry about this ma