Russia approved the establishment of a binational bank with Venezuela


Moscow, 6 Feb. ABN .- The Prime Minister of Russia, Vladimir Putin,
approved the draft intergovernmental agreement with Venezuela on the
establishment of Russian-Venezuelan bank.

'To keep the Finance Ministry, together with VTB bank (Banco de
Comercio Exterior) and Gazprombank, the talks with the Venezuelan and
sign on behalf of the Government of Russia for the agreement, "said a
provision of the Government dated 31 January 2009, according to the
Russian Information Agency Novosti.

The draft agreement previously agreed with Venezuela, states that the
bank was founded as a bi-national joint stock company under Russian
law, and will be headquartered in Moscow and a branch in Venezuela.
The bank may also open branches in third countries.

The amount of share capital and the allocation of shares between the
parties shall be established in the founding documents of the bank
together.

The binational bank will provide services to corporate clients and
give priority to financing projects in Russia and Venezuela on oil
and gas, electricity industry, mining industry, metallurgy,
infrastructure, engineering and petrochemicals.

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