State Bank of India and Canara Bank to establish joint subsidiary in Russia

A joint subsidiary of the State Bank of India and the Canara Bank will be established in Russia. As the external and public relations department of the Russian Central Bank reported, this decision was made at the 7th meeting of the subgroup for banking and financial issues of the Russian-Indian governmental commission. The necessity of opening such a bank was pointed to earlier, too, but "the principle decision was made only now", a source in the Central Bank reported to RBC. According to a representative of the Central Bank, the term of opening the subsidiary has not been discussed yet; however, "this issue is currently worked on".

Additionally, as it was previously reported, subsidiaries of French, British and Italian credit institutions are to be registered in Russia by the end of 2002. As of April 1, 2002, there were 25 credit organizations registered in Russia, the authorized capital of which was 100 percent nonresident. Over the first quarter of 2002, the number of such banks increased by two; the Natexis Populair Bank and the International Bank of Azerbaijan Moscow were registered in Russia.

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