The Russian banking market is the largest and one of the most dynamic in emerging Europe, having achieved annual growth of more than 40% in aggregate net profit over the past five years.
The sector is still highly fragmented, with 1 350 institutions, including 50 foreign-owned banks. The market is dominated by three state-owned banks (Sberbank, Vneshtorgbank and Gazprombank) that control over 50% of the market.
