Russia Gets Its First Banking Holding

Russia has got its first banking holding ROSINBANK. Its shareholders are the Russian financial corporation and the Russian association of cash collectors of the Central Bank of Russia. It was said at a news conference in the RIA Novosti news agency. Andrei Nechayev, corporation president, said ROSINBANK includes two Moscow banks - Rosinbank and Legprombank - and Sibekobank based in Novosibirsk. The president noted that the holding will focus on medium and medium-large state unitary enterprises, of which there are about 16,000. According to Sergei Yegorov, chairman of the Association of Russian Banks, who attended the news conference, establishment of banking holdings will help solve the problem of enlarging banks in Russia with a view to creating universal banks for integration into the world banking system.