MOSCOW - Russia’s largest banks – Sberbank, Vneshtorgbank (VTB) and Alfa Bank – are looking at the consequences of the July banking crisis, the Vremya Novostey newspaper reports. Statements were issued by VTB President Andrey Kostin, Alfa Bank Chairman Mikhail Fridman and Sberbank.

Alfa Bank lost $240m in individual deposits. According to Mr. Fridman, about 20 percent of depositors withdrew their money from Alfa Bank in a matter of three days. At the same time, a 10 percent commission on early withdrawals attracted about $4m to the bank.

Drawing a line under the crisis, Mr. Fridman said that the 10 percent commission had been cancelled on July 19, and the bank was returning to work as usual. He added that profits from the 10 percent commission would be used for an additional 0.5 percent premium on all individual time deposits.

As for the state-run Sberbank, it profited from the crisis: individual depositors brought about RUR 10bn to it.

Vneshtorgbank also capitalized by acquiring Guta Bank for less than $35,000. VTB is going to compete with Sberbank for the title of the country’s largest bank. Mr. Kostin noted that foreign investors would help VTB later this summer, the Vedomosti newspaper says. And meanwhile, the bank plans to buy a controlling interest in a large St. Petersburg bank.

As for the reasons behind the crisis, private and state-owned banks have different opinions. According to the VTB President, the crisis was due to the poor development of the Russian banking system. He said it was not normal that about 1,300 banks operated in the country.

For his part, Mr. Fridman distinguishes between objective and subjective reasons behind the crisis. The objective reasons are connected with the atmosphere of suspicion in the banking sector following the closure of Sodbusinessbank, in his opinion, and subjective reasons are provocative elements that caused a domino effect. He also said he had complains about some media sources.

Commenting on the period of instability in the banking sector, Mr. Fridman said that state-run and foreign banks had profited from the crisis.