Established in 1860, the Central Bank of Russian Federation acts as the central monetary authority of Russia. The Russian central bank formulates accounting rules for banks in Russia. It also performs the following functions:
Protects the Russian ruble and maintains its stability
Issues currency and manages its circulation in the domestic economy
Sets up the rules for banks in Russia on conducting banking operations
Implements foreign exchange rules
Sets and publishes official exchange rates of foreign currencies against the ruble
In March 2021, Moody’supgraded the outlook for Russia’s banking system over the next 12-18 months to stable from negative, thanks to the recovery of oil prices and a gradual lifting of coronavirus restrictions.
For anyone considering a banking career in Russia, this list of top banks in Russia is a helpful guide on where to start. To learn more, see our list of financial institutions.
The Top Banks in Russia:
Sberbank is a state-owned bank and is headquartered in Moscow. Established in 1841, the bank provides financial services to retail and corporate clients in Russia.
It manages 11 regional banks in Russia, 79 regional bank branches, and 14,162 branches and employs around 278,165 individuals. It is also present in 22 countries, serving a total of 145.6 million clients.
Net income: RUB 761.1 billion (2020)
Total assets: RUB 37.50 trillion (3/2021)
Founded in 1990, VTB Bank is one of the primary commercial banks in Russia and operates in OECD and other countries. The bank operates through five segments: Corporate-Investment Banking, Mid-Corporate Banking, Retail Business, Treasury, and Other Business. Based in Moscow, it employs around 77,000 individuals.
Currently, VTB oversees 40 full-service branches in Russia, as well as 13 bank subsidiaries, three representative offices, two VTB branches, and two VTB Capital branches in other countries.
Net income: RUB 80.6 billion (2020)
Total assets: RUB 18.59 trillion (3/2021)
GPB started its operations in 1990. The bank was founded by Gazprom, the world’s largest gas producer, and exporter. It operates out of Moscow and serves over 45,000 corporate clients and five million private clients.
Net income: RUB 55.96 billion (2020)
Total assets: RUB 7.53 trillion (2020)
Incorporated in 1990, Alfa Bank is the largest of the private banks in Russia. It provides financial products and services to corporate and retail customers, which includes corporate and retail lending, deposits, payment and account services, foreign exchange operations, cash handling services, custody services, investment banking, and other ancillary services to corporate and retail customers.
The bank manages 825 branches across the country. With around 1,500 employees, it is headquartered in Moscow.
Net income: RUB 176.90 billion (2020)
Total assets: RUB 4.71 trillion (2020)
PromSvyaz Bank was established in 1995. The bank operates through Corporate Banking, Small and Medium Size Enterprises, Retail and Private Banking, and Capital Markets segments. Based in Moscow, it currently employs around 2,800 staff.
Net income: RUB 25.9 billion (2020)
Total assets: RUB 3.09 trillion (3/2021)
Otkritie Financial Corporation Bank
Incorporated in 1992, Otkritie Financial Corporation Bank offers services to corporate, small business, and retail business clients in Russia. The bank’s operations include Corporate Banking, Small Business Banking, Investment Banking, Private Banking, and Retail Banking segments.
The bank manages 601 offices and 2,900 ATMs in Russia. With around 40,000 employees, it operates out of Moscow.
Net income: RUB 42.42 billion (2020)
Total assets: RUB 3.55 trillion (3/2021)
Russian Agricultural Bank
Founded in 2000, Russia Agricultural Bank is a state-owned agricultural bank. Based in Moscow, the bank provides commercial and retail banking services to the country’s agribusiness and rural population. It oversees a network of 66 regional branches and 1,200 additional offices and currently serves around six million customers in the country.
Net income: RUB 13.02 billion (2020)
Total assets: RUB 3.86 trillion (3/2021)
Headquartered in Moscow, Unicredit Bank operates as a subsidiary of UniCredit S.p.A. Incorporated in 1989, the bank consists of four segments: Corporate and Investment Banking, Retail Banking, Leasing, and Other. It oversees 13 branches and 12 representative offices in the Russian Federation and a representative office in the Republic of Belarus.
UniCredit currently employs around 3,700 employees and serves around 1.94 million retail customers and over 28,700 corporate clients.
Net income: RUB 8.95 billion (2020)
Total assets: RUB 1.28 trillion (2020)
Established in 1996, AO Raiffeisenbank is headquartered in Moscow. The bank provides corporate and retail banking, money market, and investment services in Russia. It employs around 8,700 staff and manages five branches and 174 outlets throughout the Russian Federation.
Net income: RUB 38.08 billion (2020)
Total assets: RUB 1.45 trillion (2020)
Founded in 1993, Rosbank is majority owned by international financial group Société Générale Société. The bank provides commercial banking, investment banking, and custodial services in Russia. It operates through the following segments: Retail Banking, Corporate Banking, and Treasury and Financial Institutions.
Headquartered in Moscow, it oversees ten branches and employs around 18,300 staff in 340 cities and towns across the country.