Citibank opened its first retail branch in Moscow in November as Russia’s leading commercial banks begin to slug it out for Russia’s retail banking business.
The branch is not for everyone. The names of its two tiers of service – Citi-gold and Citi-platinum – give the game away; with Soviet-era big bank Sberbank dominating the mass market, Russia’s commercial banks are aiming at the increasingly wealthy middle class, for whom service is as important as solidity.
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