Russia’s banking sector has been lifted by the rising tide of strong economic growth, but Gazprombank has been setting an even faster pace. The third largest bank in Russia, it was set up in the dying days of the Soviet Union and celebrates its 15th birthday this year.
Russia’s most successful banks are all associated with big industrial groups. So it comes as no surprise, perhaps, that Gazprombank is a leader, given that it is 100% owned by the state gas monopoly, Gazprom, which is also Russia’s largest company. However, Gazprombank has been a pioneer in using its solid foundation of Gazprom business to diversify its operations and become a successful commercial bank in its own right.
