By Ivan Anderzhanov.
Sberbank, Russia’s biggest lender, has cut its retail network by 239 in the first six months of this year even as major foreign lenders retreat from the sector.
Data from the Central Bank indicates that rival Russian banks like VTB24, Gazprombank, Alfa-Bank and Rosbank have increased the size of their retail network, according to a Kommersant report today.
French banking giant BNP Paribas is the latest foreign bank to end most of its retail business in Russia. BNP said a little over a week ago it will concentrate on the consumer credit sector through a new partnership with Sberbank.
In June, the two companies announced a partnership through a subsidiary of BNP Paribas called Cetelem. The French bank’s retail activity in Russia will be “adapted” to the new project.
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