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BANKING

Private banks set Russian growth agenda

Renewed growth and prospects of active capital markets and M&A business in 2011 have put both global and domestic private banks in a bullish mood. Guy Norton reports.

RUSSIA TIPPED INTO recession in 2009 but quickly posted GDP growth of almost 4% in 2010 and is set to return to its average 5.5% GDP growth of the pre-credit crunch period over the next few years. It is likely to remain a highly attractive market for private banking players, especially as a widely expected wave of capital markets and corporate finance activity is set to add to the legions of multimillionaires that have emerged over the two decades since the break-up of the Soviet empire.

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