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Briefing

Russia: Banking Sector

Appears in: Emerging Markets, Europe, Finance and Banking, Russia, Russia, CIS and the Caucasus, Banks

Critical Issues

Background:

Banks mushroomed in Russia following the collapse of the Soviet Union. Growth accelerated as oil prices rose and foreign capital was freely availableAlthough Russia has over 1000 banks, 100 of them account for 90% of the transactions and 5 of them control 50% of the assets. After rapid credit growth that fueled a credit boom, Russian banks faced a credit crunch in 2008 when global capital tightened and hot money inflows turned to outflows. Russian government capital has gone primarily to larger, more systemically important banks as the government tries to restart lending to consumers and companies.

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