By Ben Aris of business new europe

Russia’s express consumer lending business was launched by the “Vodka Bank” in 2001, and now the country’s credit card business is being championed by what could be called the “Beer Bank.”

Consumer lending in Russia exploded after the small start-up bank Russky Standart – better known for its premium vodka of the same name – introduced the concept of lending cash with no security at the point of sale. At the time the bank was thought to be a flash in the pan, but a decade later most of the incumbent banks in Russia are still struggling to catch up with Russky Standart.

Oleg Tinkoff hopes to pull off the same trick with credit cards. Continue reading »