Russian Exit: Withdrawals by Foreign Banks Belie the Industry's Recovery
Too many multinationals piled in during the fevered days before the September 2008 market collapse, and now some are dropping out. By contrast, billionaire Mikhail Fridman's Alfa-Bank, the country’s largest private sector lender, posted a record profit of $553 million in 2010.
Craig Mellow
May 24, 2011
Mikhail Fridman, co-owner of Alfa-Bank and a partner in TNK-BP Holding, speaks during an interview at the Russian Business Forum in Moscow, Russia, on Wednesday, April 15, 2009. OAO Lukoil, the Russian oil producer with the most assets abroad, may meet a request by OAO Gazprom to reduce the amount of natural gas it produces at its Uzbek venture because of lower demand. Photographer: Alexander Zemlianichenko Jr/Bloomberg News
ALEXANDER ZEMLIANICHENKO JR/BLOOMBERG NEWS
