'Sberbank and VTB’s IPOs have definitely become this year’s highlights, whereas the impact of a major mortgage crisis in the U.S. was the Russian bank’s worst nightmare,’ says Andrei Emelyanov, the Ural Bank for Reconstruction and Development’s Strategic Development Director.

'Fortunately, this crisis has not affected the regional banks too badly, and our bank was no exception. This year, the Urals have experienced a sort of ‘invasion’ by the banks from other parts of Russia,’ he adds.

'As for the Ural Bank for Reconstruction and Development, this year will probably be remembered for our managing to attract a syndicated loan worth 305 million RUR and $9m for one year,’ Mr. Emelyanov observed.