News
and photos from the Moscow
News (01/06/2004)
International
financial major Morgan Stanley plans to apply for Russian
general banking license and for a license to participate
in the professional securities market. This information was
disclosed in an official company statement following a publication
in the Vedomosti business daily which reported that Morgan
Stanley plans to open a subsidiary bank in Russia.
Morgan Stanley opened its representative office in Russia
in 1994. In 1998 the company moved its analytical unit to
London, but continued to trade in Russian Eurobonds and ADRs
from London and New York. Now the bank wants to actively
participate in trading Russian securities, state and corporate
bonds and “to take up a leading position on Russia’s
domestic securities market”, Rair Simonyan, president
of Morgan Stanley Russia told the newspaper. The bank’s
official also said that it is hoped the subsidiary bank will
start operating within a year or a year and a half.
Morgan Stanley to Open a Bank in Russia
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