More Russians trust banks, commercial banks growing

Individual bank deposits increased by 43% last year from USD 35.09 billion to USD 52.63 billion year-on-year, said Association of Russian Regional Banks head Alexander Murychev in a press conference yesterday. He said that individuals are the driving force behind growing national banks. At the same time, Russia's state bank Sberbank 'is losing ground to growing commercial banks.' More individuals are depositing money in commercial banks. Murychev also said that accounts in Russian rubles are increasing significantly which means the ruble is becoming a more stable currency.

He added that credit institutions are also continuing to develop in Russia. Last year alone credits issued to individuals more than doubled from USD 5.1 billion to USD 10.5 billion year-on-year. Growing areas of banking activity in the country include express credit, mortgage credits and also consumer credits.