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Bad Loans Infect Russian Bank Books Once Touted by Bruce Willis

  • Consumer defaults on the rise as man on the street feels brunt
  • Seven banks have Eurobonds trading at distressed levels
Updated on

Banks catering to Russian consumers have had a reality check since Hollywood hard man Bruce Willis declared retail lender National Bank Trust “badass, like me” four years ago.

Since then bad loans to consumers have doubled to 8 percent after the economy tipped into a recession that is threatening to be the longest in two decades. Russia’s ratio of defaulted retail debt has overtaken that of its biggest peers in emerging Europe, according to data compiled by Bloomberg Intelligence.