Summit Notebook

Exclusive outtakes from industry leaders

Audio — Russian Standard holds off on Eurobonds

- levin.jpgRussian Standard Bank, which has 20 million customers and controls 70 percent of the market for credit cards in Russia, has a “comfortable” financing situation despite the fallout from the U.S. subprime mortgage crisis, Chief Executive Dmitry Levin told the Reuters Russia Investment Summit.   Levin said Russian Standard — owned by vodka-to-banking billionaire Roustam Tariko — would hold off on issuing new Eurobonds this year and in early 2008 and instead focus on retail deposits and asset securitisations to cover its funding needs.   To hear more, please click below:

Audio – Russian banks coping with subprime crisis



Russia’s banking system is coping well with a liquidity crunch stemming from the U.S. subprime mortgage crisis, top central banker Konstantin Korishchenko told the Reuters Russia Investment Summit.

In a wide-ranging interview Korishchenko, the central bank’s point man for exchange rate policy, said he did not expect forthcoming presidential elections to lead to instability in Russia’s rouble currency. Russia has the world’s third-largest central bank reserves — of over $400 billion — enough to steady the rouble “for two elections”, Korishchenko said.

Audio – Prosperity sees Russian stocks rerating


Alexander BranisAlexander Branis, chief investment officer of $4 billion stock fund Prosperity Capital Management, expects flatlining Russian stocks to rerate once investors feel more comfortable about political risks.

Concerns about the succession to President Vladimir Putin are overdone, Branis told the Reuters Russia Investment Summit. He is placing bets in the power and infrastructure sectors to profit from an accelerating investment boom in Russia.