icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Russia lures foreign banks

Russia is proving an attractive haven for foreign banks – both large and small. Montenegro's financial group Atlas has chosen Russia to open its first foreign bank affiliate. A.B.M. Bank will focus on Russian residents who invest in Montenegro'

Montenegro – like Russia – has a fast growing real estate market and that’s attracting investors. Last year Russia accounted for 10% of all investment into Montenegro.

Now Montenegro's leading financial group Atlas is bringing its banking business to Russia.

Atlas’ president Dushko Knezhevich believes Russia will hardly be influenced by the wave of world recession.

“Russia is possessing a great amount of energy resources, it's also developing rapidly. The time has passed when all businesses rushed to the US, they're now coming to Russia,” Knezhevich says.

Knezhevich first came to Russia at the start of the 1990s. His first business failed, and he lost all his money. Now – he says – the time has come.

The head of the Russian affiliate A.B.M. bank Oleg Milovidov says its partner faces fewer risks here than in any other country.

“Now everyone in the world is already aware that Russia is some kind of an island of financial stability, which is backed by stable economy,” Milovidov says.

The client base of the bank looks promising, given that Montenegro hosts aluminum and steel plants owned by Oleg Deripaska and construction projects led by Russia's leading builder Mirax Group.

The operation plans to attract assets worth $US 130 millions by the end of this year.

Most analysts however say the bank is too small to have a major influence on Russia's banking sector.

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.

Podcasts