Abstract
This paper tries to assess some of the effects from industrial policy of growing state-controlled “national champions” in the Russian banking industry. We look at market concentration and competitiveness and average bank efficiency. A modified method of calculating the indicators of market concentration suggests that main segments of the market have crossed the threshold of high concentration, whereas household deposits market became close to a monopoly situation. High market share of core public banks enhances their market power and explains their higher profitability as compared to other groups of market players. Replacement of direct state control by indirect control and the comparative efficiency of banks representing different forms of ownership are also discussed.
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