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.