Although the private banking market is relatively young in Russia, local banks are now capable of competing with their Western colleagues in terms of complex and exotic investment vehicles.
Russia Beyond The Headlines: The specifics of Russian private banking
Russian President Vladimir Putin (C) listens to questions during a meeting with the All-Russia Popular Front party at the Academy of State Service in Moscow on December 5, 2013. Russian President Vladimir Putin has warned fellow-Russians against turning to the services of the banks that lure customers with overblown interest rates on long-term deposits. AFP PHOTO / POOL / ALEXANDER ZEMLIANICHENKO
