Russian banks: Joining up the dots

In the wake of the August 1998 financial crisis, Russia’s regions became a banking wasteland. But on the back of this decade’s strong economic growth the regions are seeing a financial services renaissance. Guy Norton reports.

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TO SAY THAT the modern Russian banking industry has had a chequered history ranks as a gross understatement. In the freewheeling early 1990s the Bank of Russia seemingly handed out licences like confetti with the result that the country boasted – if that’s the right word – more than 3,000 banks, more than five times the number in the whole of western Europe.

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