A sharp rise in retail lending in Russia over the last 18 months has raised fears that the sector could be heading for a second crisis in less than a decade.
Growth in the segment came to a standstill in 2014, as falling oil prices exacerbated the effects of the bursting of a post-financial crisis consumer finance bubble.
Over the last three years, however, lower interest rates and returning consumer confidence have fuelled a revival in demand, while widespread corporate deleveraging has prompted the country’s banks to look for new growth opportunities.
Russia’s retail loan stock increased by close to 20% last year.
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