Add to favorite
 
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

Depositors Relocate RUR 430 BLN Into Bigger Banks
20.12.2013 17:55
Depositors Relocate RUR 430 BLN Into Bigger Banks
Photo Credit: http://politikus.ru

Smaller Russian banks saw a capital outflow worth RUR 430 billion in November 2013 amid fears of further shakeups in the national banking sector, Vedomosti cites a report by Fitch.

      According to the business daily, customers relocated their deposits from minor banks to bigger ones, like Sberbank, VTB, Gazprombank or Unicredibank.

      November saw a growth in the volume of deposits by RUR 498 billion while the Top 100 lenders that control 82 percent of the deposit markets registered an inflow of RUR 928 billion. The difference is considered to be the amount that the smaller banks’ customers withdrew to avoid a possible collapse.

      Starting from July 2013 when Elvira Nabiullina took over chairmanship in Russia’s Central Bank, 25 lending institutions lost their licenses, including Master-Bank.

      To make things worse, the Central Bank has engaged in tough rhetoric, prompting many to reconsider their savings strategies.

      Big banks, including state-run Sberbank and VTB, have been among those who benefited most.

      Sberbank of Russia is the largest bank in Russia and CIS. The founder and principal shareholder is the Central Bank of Russia, which owns 50 percent of the Bank's authorized capital plus 1 voting share.

      VTB Bank is Russia’s second largest lender by assets. Classified as blue chips, VTB shares are among the most liquid on the Russian stock market. The Bank’s securities are traded on Russia’s joint MICEX-RTS Exchange and as global depository receipts on the London Stock Exchange under the VTBR ticker. The Russian government owns 60.9 percent of VTB Bank’s equity. 




Author: Mikhail Vesely

Tags: Russian banks Sberbank VTB   

Next Previous


You might also find interesting:








Comment on our site


RSS   twitter      submit


Ïàðòåð


TAGS:
Russian scientists  Music Festival Crescendo  Primorye  Paralympic Winter Games  Russian natural reserves  United Russia  Russian parliament  Legends  Mercedes-Benz Fashion Week Russia  FIFA World Cup   Exhibitions in Moscow  pliosaur  Russian economy  Altair Mountains  elections in Russia  Russian science  Russian media  Pussy Riot  Trans-Urals  train tickets  Rosa Khutor  Perm  Kudrin   Malina-Jazz   Nikolay Padalitsin  Regional Cuisines  Valdai lake  Buzz Barometer  economic crisis  The Ministry of Education and Science  Moscow  Hip-Hop  Tsaritsyno  Monuments to People  Victor Rashnikov  Theatre Festivals  Russian Cinema  The Baseballs  Russian Museums   Solovki  international cooperation  St. Petersburg  Astrakhan Region  Russian tourism  Yegor Gaidar  Russian business  Bone Carving,  All-Russian Museum of Decorative  Beslan  Book Tickets for Concerts 


Travel Blogs
Top Traveling Sites