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:

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:

Yandex is Planning to Launch its Own Financial Ecosystem
Vladimir Lisin became the Richest Russian according to Forbes
60% of Russian Entrepreneurs can no Longer Cope with Rental Payments
TikTok Small Business Advertising Platform will be Available in Russia
By the End of 2020, the Fall of the Russian IT Segment may Exceed 30%

comments powered by Disqus

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

Pyotr Utkin  Krasnoyarsk  Mikhail Prokhorov  Kolyada Theatre  Heroism   Pavel Lungin  Russian business  Photo Exhibitions  Russian Museum  Sparow Hills  International fairy games  Mikhail Pletnev  Gifts Expo  Russian Internet  Yevgeny Boratynsky  Zaraysk  Sergei Sobyanin  Resort Park  tours to Russia  State Duma  Ecotourism  Iremel  Tsaritsyno  St. Petersburg Parks   Russian Cinema  Russian oil and gas industry   Historical Gardens  Gusli  travel to Russia  Russian Traditions  Ufa  Cheesefare Week   Festivals in Moscow  Ekta  Monuments to People  Pussy Riot  Russian television  St. Petersburg  Moscow  Oleg Dal  aircraft  Dianra Safina  Iya Savvina  Graphic Art  Russian tourism  Mercedes-Benz Fashion Week Russia  Moscow hotels  Exhibitions in Moscow  Musical Festivals  Russian regions 

Travel Blogs
Top Traveling Sites