The specifics of Russian private banking | Russia Beyond The Headlines

The specifics of Russian private banking | Russia Beyond The Headlines:

"The Russian private banking market first emerged in the mid-1990s, simultaneously with the first private businesses. At the time, very few banks would foray into the segment because the country's banking sector was still in its early days.
 But that situation has since changed, and now almost all the major Russian retail banks run private banking operations. The segment is notoriously tight-lipped, making it difficult to appraise its size.
Different estimates put the private banking market's current value at $20 million to $25 billion, noting that the figure grows by some 25 percent every year. To qualify for private banking services in Russia, a client must own between $45,000 and $900,000.
There are anywhere between 75,000 and 180,000 dollar millionaires in Russia, whose combined assets could reach as high as $350 billion. "

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