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Maxim Ermilov 

Partner & Managing Director


Maxim Ermilov rejoined BCG in January 2012 to focus on the Russian banking sector. He previously worked as a financial institutions consultant in the Moscow and Paris offices of The Boston Consulting Group from 1999 to 2006. Maxim is a core member of the Financial Services practice, focusing on the Russian banking sector; he is also a topic expert in transaction banking and transaction banking CEO topics.

Between 2006 and 2012, Maxim led the Russian mortgage business at Morgan Stanley and oversaw the transformation and integration of City Mortgage Bank into Morgan Stanley's pan-European mortgage platform. He also founded mortgage broker "Home Equity" and worked in the investment banking division of UBS.

Since he rejoined BCG, Maxim’s work has focused on developing marketing strategies, business models, management models, and visions for large corporate and state-run banks, mostly in Russia, but also in other European countries.

Maxim has been a featured speaker at the Russia National Payments Forum and the St. Petersburg International Economic Forum. He contributes to the firm’s yearly Global Wealth Report. Maxim speaks fluent French and English along with his native Russian.

Prior to joining BCG initially, Maxim worked for JP Morgan as a fixed-income trader.

Areas of Expertise

  • Corporate banking, including strategy planning, business model, and management model
  • Private equity
  • Due diligence
  • Retail strategy in banking
  • IT systems selection
  • IT management
  • Global wealth management


  • MBA, with distinction, INSEAD
  • BA, with distinction, EPSCI-ESSEC
  • BA, Plekhanov Academy of Economics
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