Bank of America interested in obtaining a banking license in Russia

Russian “daughter” of the U.S. bank Bank of America Merrill Lynch has prepared documents to obtain a banking license in Russia. This was in a room of 28 November the newspaper “Vedomosti”, citing anonymous sources. According to the publication, a request to the central bank has not yet sent.

Bank of America refused to buy Russian credit institutions, instead choosing to obtain a license for its Russian division. It is necessary for the bank to expand the list of services for corporate clients, including in lending. At the moment there is a Bank of America permission to dealer and brokerage activities in the Russian Federation. “Vedomosti” noted that up to October 19, the bank took place in stock trading on the Moscow Stock Exchange.

According to the publication, the bank as a senior adviser hired president of the Russian Union of Industrialists and Entrepreneurs Alexander Shokhin. According to the head of Russia’s “daughter” Bank of America Pertsovsky that lead to “Vedomosti”, Shokhina experience useful for the development of the bank’s activities in the real economy. Shokhin already serves on the boards of directors of several major Russian companies, including “Alrosa” Railways and TGK-10.

Bank of America Merrill Lynch is one of the largest in the United States - its assets exceed 2.12 trillion. Russian retail banking market of the leading credit institutions in the USA there is Citigroup, which owns the “Citibank”. Another major U.S. bank - JP Morgan Chase - only works with corporate clients.

28 November 2013

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