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Swiss Bank Interested in Russian Reserve Fund
The Swiss bank UBS is interested in providing consulting services and managing the Russian Reserve Fund and National Prosperity Fund, Russian Deputy Finance Dmitry Pankin told journalists after meeting with a delegation from Switzerland headed by that country’s Head of the Federal Department of Economic Affairs Doris Leuthard. Pankin said that the Russian Finance Ministry is now preparing to change the mechanism for managing the money in the funds that will create “great opportunities for the participation of Western banks to provide consultation services.”
Among the possibilities being considered, Pankin said, is the creation of a joint stock society wholly owned by the government or a state corporation for the management of fund moneys. “So far the Finance Ministry is inclined toward a state corporation,” Pankin noted. At the same time, a competition is being proposed to manage the funds. The ministry is supposed to present its proposals to the government in October of this year.
Pankin said that the Swiss delegation consisted of members of a Swiss producers’ association and the KPNG company, as well as financial officials. The Swiss also expressed interest in investment in Russia, Pankin said.
www.kommersant.com
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