P. M. BRIEFING : Soviets OK Mixed-Capital Bank
Five Western and three Soviet banks will open the first mixed capital bank in the Soviet Union to finance the growing number of joint ventures.
A spokeswoman for Credit Lyonnais said today that the new bank will be 60% owned by its Western partners and have working capital of $160 million.
Joining Credit Lyonnais are Banca Commerciale Italiana, Bayerische Vereinsbank of West Germany, Creditanstalt-Bankverein of Austria and Finland’s Kansallis-Osake-Pankki, which will each have a 12% stake in the bank.
The Soviet partners include the Vneshekonombank, with 20%, and Promstroibank and Sberbank, each with 10%.
Under the Kremlin’s reform drive, foreign partners in joint ventures have been given broad control over their projects. Many Western firms are rushing in to try to fill big gaps in the Soviet economy.
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