The paper attempts to measure the institutional change using the example of Russian banking industry during the period of 1991–2016. I put forward a set of metrics featuring the actors and the relevance of banking for the economy. The metrics include the number of banks of each type, the share of state-controlled banks in total assets, loans and deposits, bank propensity to lend to the real economy, bank profitability, contribution to investment in fixed assets by nonfinancial companies, etc. At the first stage, the communist-era credit system fell apart as well as coordination mechanisms between monetary and real sectors of the economy. After the Russian economic crisis of 1998, evolution goes in the direction of greater government involvement in banking and centralized allocation of financial resources. The structural change has not yet led to a fully different modus operandi of the banking industry. The contribution of this paper is that it tackles the interplay between structural and institutional change in a particular economic sector.