Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/212668 
Year of Publication: 
2009
Series/Report no.: 
BOFIT Discussion Papers No. 24/2009
Publisher: 
Bank of Finland, Institute for Economies in Transition (BOFIT), Helsinki
Abstract: 
The purpose of this paper is to carefully assess the size of public sector within the Russian banking industry. We identify and classify at least 78 state-influenced banks. For the state-owned banks, we distinguish between those 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 ero-sion 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 sys-tem. We argue that the direction of ownership change in Russian banking is different from that in CEE countries.
Subjects: 
Russian banks
transition
banking
state
government
public sector
state-owned banks
state-controlled banks
state-influenced banks
JEL: 
G21
G28
P31
P43
Persistent Identifier of the first edition: 
ISBN: 
978-952-462-675-0
Document Type: 
Working Paper

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