Sovсomtank, Roketbank, Qiwi, Fintech

The Central Bank expands the list of systemically important credit institutions

The Central Bank has expanded the list of systemically important credit institutions (SIBs). Sovcombank, Roketbank, Qiwi and Fintech will now be included. This was decided by the Board of Directors of the Central Bank on August 19, 2021.

The list of systemically important credit institutions is determined by the Central Bank based on a number of criteria, including the size of the bank, its interconnectedness with other financial institutions, and its role in the financial system.

SIBs are subject to more stringent regulation than other banks, as they are considered to be too big to fail. This includes additional capital requirements and liquidity requirements.

Sovсomtank

Sovcombank is the ninth largest bank in Russia by assets. The bank was founded in 1990 and is headquartered in Moscow.

Sovcombank is a universal bank that provides a wide range of banking services to individuals and businesses. The bank has over 2,500 branches and offices in Russia.

Sovcombank is a major player in the Russian financial system and its inclusion on the list of SIBs is a reflection of its importance to the economy.

Roketbank

Roketbank is a digital bank that was founded in 2013. The bank is headquartered in Moscow and has over 3 million customers.

Roketbank offers a range of banking services, including deposits, loans, and payments. The bank is known for its innovative approach to banking and its focus on customer service.

Roketbank's inclusion on the list of SIBs is a reflection of its growing importance in the Russian financial system.

Qiwi

Qiwi is a payment services provider that was founded in 2007. The company is headquartered in Moscow and has over 20 million customers.

Qiwi offers a range of payment services, including electronic wallets, money transfers, and bill payments. The company has a strong presence in Russia and is also expanding into other markets.

Qiwi's inclusion on the list of SIBs is a reflection of its importance to the Russian financial system.

Fintech

Fintech is a financial technology company that was founded in 2016. The company is headquartered in Moscow and has over 2 million customers.

Fintech offers a range of financial services, including loans, deposits, and insurance. The company is known for its use of artificial intelligence and machine learning to improve its products and services.

Fintech's inclusion on the list of SIBs is a reflection of its growing importance in the Russian financial system.

Conclusion

The Central Bank's decision to expand the list of systemically important credit institutions is a reflection of the changing landscape of the Russian financial system.

Sovcombank, Roketbank, Qiwi, and Fintech are all growing players in the financial sector and their inclusion on the list of SIBs will help to ensure the stability of the Russian financial system.