Growth in Russian banking sector

On the occasion of a meeting at the Kremlin with President Vladimir Putin, the CEO of Russian banking group VTB Andrei Kostin welcomed a “quite successfulyear 2016 since “total mortgage lending was up by 15 percent, and the number of loans provided grew by 40 percent.” Back to the level before the Western economic sanctions decided in 2014, VTB foresees another 10% increase in mortgage loans in 2017.