Three multi-billion-dollar bank bailouts in just five months in 2017 seemed to spell a renewed crisis for the Russian financial system. The central bank stepped in with huge sums to save first Otkritie, then B&N Bank, then Promsvyazbank (PSB) – all privately owned lenders.
Nearly a year on, the Central Bank of Russia (CBR) has had to commit further funds to the banks, but the sector as a whole has pulled through thus far largely unscathed. After extensive restructuring, two new healthy banks are expected to emerge, while the CBR has pledged to crack down on 'banksters'. Following a tough recession, business is picking up again, with consumer and mortgage lending racking up double-digit growth in the first half of 2018, and the stronger banks riding a wave of technological development.
