General director of the All-Russia Center for the Study of Public Opinion (VTsIOM) Valery Fedorov
Photo: Vasily Shaposhnikov
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Russian State Banks Losing Popularity
Russians are using banks less, according to the results of a new poll by the All-Russia Center for the Study of Public Opinion, better known by its Russian acronym BTsIOM. All banks – private, state and foreign – are losing popularity. State banks are sliding the most notably, with demand for them down from 72 percent last year to 64 percent this year. Nine percent of respondents preferred Russian commercial banks, and 3 percent preferred foreign banks, down from 10 percent and 4 percent, respectively, a year ago.
VTsIOM conducted its research in conjunction with the National Financial Research Agency on July 21 and 22 in 153 towns in 46 Russian regions, territories and republics.
State banks have been gradually losing popularity for the last 10-15 years. The Savings Bank of Russia (Sberbank) still controls 54 percent of the savings market, but the only upward trends seen have been during financial crises (1998 and 2004) and last year. Analysts saw last year's peak in popularity as due to the government's increasing role in the economy and the fact that the second largest government bank, Vneshtorgbank, had opened retail operations. The new survey shows that last year's peak has passed.
Analysts note that commercial banks offer many services that state banks do not and market themselves more aggressively. Commercial banks also pay higher interest, and deposits with them are now insured. The fall in the Sberbank and Vneshtorgbank quotations after their IPOs also had a negative effect on the banks' popularity. State banks are expected to continue to lose ground, unless they become more response to the market.
www.kommersant.com
All the Article in Russian as of Aug. 29, 2007
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