June 5, 2003
Central Bank Chief: It Is Time to Make Known Real Owners of Russian Banks
SAINT PETERSBURG, June 5. Chairman of the Russian Central Bank Sergei Ignatiev has expressed his concern about the shortage of information on the real owners of Russian banks, while speaking at the XII international bank congress. He said that many of the banks' owners prefer to hide behind false figures and companies. 'The development of the bank sector will not be possible without greater openness and information about the real bank owners. It will bring more clients and attract less expensive loans.' Mr Ignatiev added that Sberbank is currently the only Russian bank with shares on the stock exchange.
The XII international bank congress opened in Saint Petersburg yesterday. The congress is being organised by the Russian Central Bank and the Saint Petersburg administration. Participants at the congress will discuss a number of ways of improving the Russian banking sector with a view to stimulating steady and persistent growth in the Russian economy on the basis of experience within the international banking community. 622 people from 20 different countries are participating at the congress this year.