The share of foreign corporations was 21.25 percent in the aggregate capital of Russia’s bank system as of July 1, 2007, CBR calculated. An advert reads: "All-Russian Bank Forum."
Photo: Roman Yarovitsin
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Preparing for Grand Sale
According to statistics of the Central Bank of Russia, CBR, foreign corporations owned 21.25 percent in the aggregate capital of Russia’s banks as of July 1, 2007. The large-scale buyout of the country’s banks by aliens started at the end of past year.
At the same time, a part of alien corporations are “under material influence of the RF residents,” CBR specified, referring to off-shores, corporations of Russia’s origin or the firms of oversea banks of the time of former Soviet Union. But even without this part taken into account, the share of foreigners nears 20 percent.
But CBR doesn’t appear particularly agitated about this expansion of aliens. The 5-percent surge in non-residents’ ownership of Russia’s banks during four months, from April 1 to July 1, doesn’t bother CBR, said Gennady Melikyan, the first deputy chairman of CBR. According to Melikyan, the share of foreigners is likely to additionally step up by this year-end. CBR has sanctioned a few foreign banks to buy out more than 20 percent in Russia’s banks, the official said.
The July 1 figures of CBR take into account IPOs of Sberbank and VTB but omit Societe Generale’s option for Rosbank. The French bank finally decided to take over Russia’s bank exactly on July 1.
According to Melikyan, CBR won’t take the warning of those that urge to restrict buying-up of regional credit institutions by foreign banks. So the sale is bound to continue next year.
www.kommersant.com
All the Article in Russian as of Aug. 24, 2007
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