(Tax News Reporter - Week Ended 14 January 1997)
Newly registered Russian banks or existing banks with foreign participation not exceeding 50% must have a charter capital of at least 20.7 billion roubles. For non-bank credit organisations the minimum requirement is 5.2 billion roubles. If foreign participation equals or exceeds 50%, the charter capital should be at least 34.5 billion roubles, with at least 10 billion roubles to be contributed by one non-resident shareholder. In order to receive a foreign currency licence, banks should have equity of at least 34.5 billion roubles, non-banks of at least 8.5 billion roubles.
Telegram of the Central Bank of 5 January 1997 No. 1-97
For further information contact Bauke van der Meer on tel: +7 503 232 5511 fax: +7 503 232 5522 or e-mail directly: [email protected] or enter a text search 'Coopers & Lybrand' and 'Business Monitor'
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
Newly registered Russian banks or existing banks with foreign participation not exceeding 50% must have a charter capital of at least 20.7 billion roubles. For non-bank credit organisations the minimum requirement is 5.2 billion roubles. If foreign participation equals or exceeds 50%, the charter capital should be at least 34.5 billion roubles, with at least 10 billion roubles to be contributed by one non-resident shareholder. In order to receive a foreign currency licence, banks should have equity of at least 34.5 billion roubles, non-banks of at least 8.5 billion roubles.
Telegram of the Central Bank of 5 January 1997 No. 1-97
For further information contact Bauke van der Meer on tel: +7 503 232 5511 fax: +7 503 232 5522 or e-mail directly: [email protected] or enter a text search 'Coopers & Lybrand' and 'Business Monitor'
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
