The Hindu Business Line : Russian bank enters India

MOSCOW: Vneshtorgbank, a leading Russian bank, has opened its representative office in New Delhi in order to develop trade, economic and investment partnership between the two countries, besides consolidating inter-banking cooperation.

Vneshtorgbank, having the largest authorised capital in Russia, 99.9 per cent of which is held by the Russian government, will jointly participate with leading Indian companies in mutually advantageous projects, RIA Novosti reported.

The assets of the bank amounted to $12.1 billion as of June 30, 2005, while its shareholders equity totalled $2.3 billion. The bank's outstanding loans to non-financial companies totalled $6 billion.

Vneshrorgbank has solidified its leadership in financing the Russian economy, and industrial enterprises and foreign trade companies are among its main borrowers.

International rating agencies Moody's Investors Service, Standard & Poor's and Fitch have traditionally assigned Vneshrorgbank the highest possible rating for Russian banks, while Russian agencies have awarded it with the highest reliability ratings.

The 'Banker' magazine has ranked the bank 179th among the world's 1,000 largest banks on the basis of capital. - UNI

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