The money is returned to Russia

The head of VTB 24 Mikhail Zadornov announced that in the first half of the year the bank attracted a record amount of funds of individuals — 163.6 billion rubles. For the six months of 2013 the volume of retail deposits grew by 20%, to 982 billion rubles. In comparison, for the full year 2012 the Bank attracted from private clients 147 billion rubles.

As explained Zadornov, the bank increased its deposit base by the money of officials who are ordered to close the accounts abroad, as well as funds transferred from the Bank of Cyprus. Recall, according to the law, which was signed in May by President of the Russian Federation, with the August 7, officials and civil servants can not hold accounts in foreign banks.

"Basically, it’s VIP-clients — said Zadornov. — Let’s see how this one-time action or trend." The banker declined to specify what proportion of inflows individuals have given public officials, but noted that as a result of bringing the proportion of VIP-clients among investors has exceeded 28%.

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