For Immediate Release
Office of the Press Secretary
September 27, 2003
Russian-American Banking Dialogue Fact Sheet
Russian-American Banking Dialogue
In November 2001, Presidents Bush and Putin welcomed the creation of a
public-private Russian-American Banking Dialogue. The Dialogue
provides an opportunity for the private sector to have input in
Russia's banking reform program. One of the goals of the Dialogue is to
help Russian banks establish productive relationships with
international banks and financial services providers that will build a
vibrant banking sector in Russia.
In May 2002, the Dialogue presented their first report to the two
presidents. The report contained concrete recommendations on ways to
stimulate growth and improve economic conditions while enhancing sound
banking practices in Russia. The Dialogue is now working to provide a
mechanism for increasing understanding and business relationships
between Russian and U.S. banking communities.
On September 25, the Dialogue hosted a delegation of Russian
bankers led by the Central Bank of Russia's Deputy Governor, Andrei
Koslov, for a meeting with representatives from the U.S. banking
community, including officials from the Federal Reserve Bank of New
York and members of the Financial Services Volunteer Corps (FSVC). The
meeting focused on:
Recent developments in the Russian banking sector and progress on
the government's reform strategy, which incorporated many of the
Dialogue's recommendations
Impediments to greater banking ties between the two countries and
ways to overcome them
Exchange and training opportunities to increase understanding of
each other's banking systems and to build cross-border business
relationships
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