Foreign Banks Keen To Cash In on Russia

Published: 3 December 2003 y., Wednesday
With markets in Western Europe saturated and most of Central Europe's banking assets acquired by overseas players, Russia's booming economy is seen as an attractive new option. Citigroup of the United States; Austria's Raiffeisen; International Moscow Bank, a German-Nordic venture; and France's SociОtО GОnОrale have all targeted Russian retail banking. Many foreign banks have also gone after investment banking business as Russian companies have set about raising billions of dollars on international markets. Germany's Deutsche Bank says it wants a stake in Russian investment bank United Financial Group. Even Russian banks, which have grown fat on booming stock and debt markets, are facing a big change as they are forced to turn a ruble from the domestic economy, bankers said. Trading debt and equity is hugely profitable, and according to Cynthia Stone, head of the Russian office of credit rating agency Standard & Poor's, accounted for 40 percent of banking revenues and 50 percent of net income in the first nine months of this year.
Šaltinis: themoscowtimes.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Green jobs the key to a sustainable economy

The EU needs a strategy by 2011 to encourage the creation of green jobs, says a draft resolution by the Employment and Social Affairs Committee that was adopted on Wednesday. more »

Gas supply crises: better protection for householders

Householders should not have to go without gas due to a gas-supply crisis, and such crises should be better managed, thanks to EU-wide co-ordination procedures and interconnection requirements laid down in draft legislation agreed informally with the Council at the end of June and approved by the Industry Committee on Tuesday. more »

Estonia joins the euro-family

Today the Council has taken the formal decision which will pave the way for the introduction of the euro in Estonia as of 1 January 2011 and will become the 17th European Union country to share the euro currency. more »

Deposit guarantee schemes – part 2

Proposals to improve protection for bank account holders and retail investors, and set up similar schemes for insurance policies. more »

Greener, more competitive farming after 2013

How should the EU's farm policy be reshaped and how should it be funded after 2013? more »

European Parliament ushers in a new era for bankers' bonuses

MEPs on Wednesday approved some of the strictest rules in the world on bankers' bonuses. more »

The European Parliament's position on financial supervision

Long before the financial crisis the European Parliament regularly pointed out the significant failures in the EU’s supervision of ever more integrated financial markets. more »

Magnetic Europe: Big plans for tourism industry

New strategy for stimulating tourism in Europe – to realise the full potential of an industry that already plays an important role in the economy. more »

Commission gives details of who received EU funds in 2009

The European Commission has disclosed who in 2009 received EU funds in policy areas like research, education and culture, energy and transport or external aid. more »

€ 30 million EU support for the promotion of agricultural products

The European Commission has approved 19 programmes in 14 Member States (Austria, Belgium, Czech Republic, Denmark, Germany, France, Greece, Italy, Ireland, the Netherlands, Poland, Slovenia, Spain and the United Kingdom) to provide information on and to promote agricultural products in the European Union. more »