/24-7PressRelease/ - NEW DELHI, INDIA, July 25, 2007 - As per RNCOS report on "Russia Banking Sector Analysis (2006-2009)", it has been found that foreign capital is rapidly increasing its presence in to the various sectors of Russian economy. In 2005, there were about 51 credit institutions in the banking sector in Russia that were controlled by foreign capital, whereas the number was 42 in 2003.
Inflow of foreign capital in the country reached US$ 60 Billion in the initial five months of this year (2007), Sergei Ignatyev, Bank of Russia's Chairman told the sixteenth International Banking Congress held in St. Petersburg on June 7, 2007, as reported by RBC news on the same day.
Auctions for the insolvent oil company Yukos' asset, initial public offerings by the state run retail saving-bank Sberbank, and govt. controlled foreign trade-bank VTB (Vneshtorgbank) remained the key contributors to the sharp spike in capital inflow in Russia, added Ignatyev.
Alexei Koudrine, Finance Minister of Russia, said that he estimated the overall capital inflow would hit a record US$ 70 Billion mark this year, whereas it was just US$ 42 Billion last year (2006).
In its recently published market research report on "Russia Banking Sector Analysis (2006-2009)" RNCOS has found, "Russia is being viewed as a highly lucrative economy by foreign investors. Financial indicators in the country have further strengthened with the timely reimbursement of foreign debt by the state. Foreign controlled banks' assets grew by almost 49.3% in 2005 and their own capital expanded by around 56.4%. Consequently, foreign controlled banks' share in the assets of aggregate banking sector grew from nearly 7.6% in 2004 and reached about 8.3% in 2005. And, their own funds increased from about 7.8% to almost 9.2% during the same period."
The report provides an objective analysis of the various aspects of banking sector in Russia. Key issues addressed in this report include: how competitive is the market landscape of banking industry in Russia, what are the various opportunities & challenges that exist in this industry, what are the prospective areas of investment for the banks in the near future, and so on.
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