Banking in Russia - statistics & facts
The Russian banking industry, which ranks among the 10 largest in Europe, is characterized by a high level of capital consolidation and a shrinking volume of credit institutions. Such tendency is closely tied to the Central Bank policy implemented in 2013, aiming to reduce the volume of financial institutions in the country. The as a result thereof, over 500 bank licenses were revoked by the state. Despite the numerous financial institutions operating in the market, the system's foundation is closely tied to systemically important banks. As of December 2020, nearly half of the banking sector's total assets were held by the three major banks, with more than half belonging to Sberbank – the largest bank in Russia.
