Like a private equity firm enacting an acquisition-led ‘roll-up’ in a fragmented sector, Putin and Co in Russian have been busy in recent years quietly taking scores of small banks into state ownership. In fact, by some estimates, the proportion of banking assets classed as ‘government-controlled’ has jumped from 58 per cent in 2016 to above 70 per cent now.
OP-ED
Paul Murphy: How Russian uncapitalism works
The Central Bank of Russia.
