Russia’s banking sector confidently resisted global financial pressures and has observed significant growth during the recovery phase after recession. Showing resistance to the after effects of the global economic meltdown, the sector continued to record double digit growth in 2009 and was expected to surpass this performance in 2010. It is expected that the banking assets will grow at a CAGR of over 14% during 2011-2014.
Our findings, which have been amassed in our new research report titled “Russia Banking Sector Analysis”, reveal that despite fragile economic conditions, banks continued to lend to the enterprises as well as households. Total credit extended (to households and non-financial organizations) by Russian banks registered tremendous recovery during 2010. We also noted that the state and foreign controlled banks have increased their market share in terms of total credit volume extended and are now actively lending with improving economic conditions. Further, deposits with Russian banks are expected to grow along with bank cards market in the country. With largely untapped banking sector, Russia reflects huge potential for growth of retail services in the country.
The Russian government took necessary protective measures to safeguard the interest of consumers and facilitating growth of services, which are discussed in detail in the report. With such support of regulatory bodies and the federal government, banks have been able to sustain consumer confidence on the domestic banking system.
Besides, the report analyzes factors critical to the success of the Russian banking industry. It has also identified key players in the market and contains their detail business description along with their recent activities. Additionally, the report discusses the market structure, current, and past market performance of the banking sector in Russia. Moreover, the report sheds light on the emerging market opportunities. Forecast for all the important banking performance indicators like, deposits, loans and bank cards, have also been included to present a better understanding of the banking sector in the country.