A number of large Russian banks were briefly teetering on the edge three years ago, as the industry was hit by a wave of bankruptcies and bad headlines. What followed was a five-year cleanse of the sector by the Central Bank and affiliated government agencies, and those lenders that came out unscathed at the end of it are now reaping the benefits of a less crowded and more stable industry. One of those, Sovcombank, has been on the forefront of innovation and modernization among the country’s top independent FIs. Bonds & Loans spoke to the bank’s Deputy Chairman and Head of CIB Sovcombank Mikhail Avtukhov about its involvement in the National Projects, outlook for next year, and the growing importance of ESG.
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