The Bank of Moscow announced Dec. 11 it received the Breakthrough of the Year award during the eighth Retail Finance Awards.

The bank proved itself as a retail lender in 2014. It had increased its lending portfolio by at least 40 percent, and it demonstrated stability throughout the year. It was at the top ranked spot out of 20 for the largest growth rate in retail lending.

According to the bank its new sales models and service improvements that were implemented this year, as well as having success in the marketing and promotion of these new endeavors allowed them to meet the needs of their clients.

"In the expiring year we have made a great work, and the results were not slow to arrive. The Breakthrough of the Year' is a well-deserved honor not only for the retail team of the Bank of Moscow. It should be noted the contribution of the Bank VTB24, supervising us in the VTB Group. Its high work standards and product quality have become a basis for the retail business of the Bank of Moscow," said Vladimir Verkhoshinsky, member of the Bank of Moscow's Board of Directors.