Vneshekonombank's commercial operations to be transferred to Vneshtorgbank

Commercial operations of Vneshekonombank unrelated to services provided tothe Russian government will be transferred to Vneshtorgbank, Russian PrimeMinister Mikhail Kasyanov told reporters in Peking. Kasyanov was quoted assaying this process may take a month in line with the concept of developingVneshekonombank and Vneshtorgbank, which was discussed by the Russiangovernment. The Prime Minister pointed out Vneshtorgbank would not beinvolved in servicing state contracts, since the bank would be privatized.As for transferring the client base from Vneshekonombank to Vneshtorgbank,according to the Chairman of the Russian government, the clients will betransferred only if they are willing to be. Vneshekonombank will retain thefunctions of servicing the government's agreements, Kasyanov stressed. Kasyanov was quoted as saying Vneshekonombank may cooperate withRoseximbank, which was originally established to support Russian exports.The Prime Minister reiterated Vneshekonombank had already redeemedRoseximbank's new bond issue of $50m. "These banks are now like a brotherand a sister, and this scheme helps them work", the Prime Minister said. Headded the question was how Vneshekonombank and Roseximbank would worktogether, but "this is an issue to be considered later on". .

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