The St. Petersburg CIT FINANCE bank (St. Petersburg) increased individual deposits in the first half of 2006 by 260% to R1.4 billion. The boom is attributed to new services launched by the bank, particularly, the wealth management service, which includes a package of specially selected investment and banking products for private clients. Before that the bank was not as active on the retail market. Analysts say CIT FINANCE had a relatively small deposit base. That is why the growth seems too high in percentage terms, while the figure is relatively small in absolute terms.
Source: VEDOMOSTI, July 28, 2006
