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Russian banking: a comeback of the state

Vernikov, A.; (2010) Russian banking: a comeback of the state. (Economics Working Papers 104). Centre for Comparative Economics (CCE), SSEES, UCL: London, UK. Green open access

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Abstract

The purpose of this paper is to assess the size of public sector within the Russian banking industry. We identify and classify at least 78 state-influenced banks. We distinguish between banks that are majority-owned by federal executive authorities or Central Bank of Russia, by sub-federal (regional and municipal) authorities, by state-owned enterprises and banks, and by "state corporations". We estimate their combined market share to have reached 56% of total assets by July 1, 2009. Banks indirectly owned by public capital are the fastest-growing group. Concentration is increasing within the public sector of the industry, with the top five state-controlled banking groups in possession of over 49% of assets. We observe a crowding out and erosion of domestic private capital, whose market share is shrinking from year to year. Several of the largest state-owned banks now constitute a de facto intermediate tier at the core of the banking system. We argue that the direction of ownership change in Russian banking is different from that in CEE countries.

Type: Working / discussion paper
Title: Russian banking: a comeback of the state
Open access status: An open access version is available from UCL Discovery
Publisher version: http://www.ssees.ucl.ac.uk/wp104sum.htm
Language: English
Keywords: Russian banks, transition, banking, state, government, public sector, state-owned banks, state-controlled banks, state-influenced banks
UCL classification: UCL > Provost and Vice Provost Offices > UCL SLASH > SSEES
URI: https://discovery.ucl.ac.uk/id/eprint/19252
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