A stroll around the streets of Moscow is enough to demonstrate that the Russian banking industry is highly fragmented – spotting the same bank logo twice can often seem a challenge. This crowded market has long been in need of some kind of reform, with undercapitalised balance sheets and lax operational practices among the problems faced by the sector. But until last year, there seemed to be little appetite for change from the Russian authorities.
Enter Elvira Nabiullina. The former minister of