TOP-5 Best Banks in Russia

The Russian banking system is like no other within Europe. The Central Bank of Russia has a significant level of control over the banking sector due to the intervention by the central government. Nonetheless, the country still has a large banking industry that provides Russians a wide range of banking services within the country and other foreign territories.

Despite the recent economic difficulties, there are still a handful of big banks in the country. In no particular order, here are the top-5 best banks in Russia.

VTB

VTB (Vneshtorgbank) was founded in 1990 and has its headquarters in Saint Petersburg. The Russian government has the highest shares in the bank, which stands at over 60%. In addition, the bank is amongst the banks whose shares are traded on the Moscow Exchange.

Over the last two decades, VTB has acquired more than ten financial institutions amongst which are TransCreditBank and Zapsibkombank. These transactions and its financial success had made VTB the second biggest bank in the country. VTB offers its clients a wide range of banking services such as savings accounts, current accounts, loan services, and much more.

Bank Otkritie Financial Corporation

Bank Otkritie Financial Corporation is considered the biggest bank in Russia. Established in 1992, the bank was co-founded by Igor Finogenov. Before rising as the biggest commercial bank in the country, Bank Otkritie Financial Corporation was named NOMOS-Bank at inception after the fall of the Soviet Union. Now, the bank has assets that exceed $15 billion.

Bank Otkritie Financial Corporation has its central office in the Russian capital of Moscow. It also has several branches all across the country. The bank offers its clients both individual and corporate banking services.

Gazprombank

Gazprombank was created with the sole purpose of providing specific banking services to the gas sector of the country. However, the growth of the company has allowed it to provide banking services to industries within the country. Created in 1990, the bank was established by Gazprom, which is a publicly-listed company that operates in the Russian gas industry. Just like Bank Otkritie, Gazprombank was created after the fall of the former Soviet Union.

Gazprombank has a sizeable workforce of over 10,000 across the country. The bank is considered the third biggest bank in Russia with headquarters in the capital city.

Bank of Moscow

The Bank of Moscow came into existence in 1995. Initially, the bank was established as a joint venture between the Russian Government and the private sector. After the global economic crisis of 2009, the bank was purchased by VTB in 2011. The Bank of Moscow provides both individual and corporate banking services that keep the city financially stable. Also, the bank has several foreign offices in several countries.

Sberbank

Amongst the bigger banks in Russia, Sberbank is one of the oldest. Established in 1841, the bank is owned by the public and the government through the Central Bank of Russia. Sberbank provides direct and indirect labor to over 300,000 individuals across the country.

Sberbank provides both personal and corporate banking services to millions of people across Russia.

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