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Bank of Russia does not see grounds for external management of foreign banks’ subsidiaries

Such decisions to be made on a case-by-case basis every time

MOSCOW, July 22. /TASS/. The Bank of Russia does not see grounds for introduction of external management of foreign banks’ subsidiaries in the country, Governor of the Central Bank Elvira Nabiullina said at the press conference on Friday after the Board meeting.

"Concerning operations of Russian subsidiaries of foreign banks and the permit for their sale, the decision is indeed taken by the government commission, and we take part in it. Such decisions will be made on a case-by-case basis every time. Certainly, considering the factor of attitude towards subsidiaries of Russian companies abroad," Nabiullina said.

No grounds are seen for external management of foreign subsidiary banks in Russia, the Central Bank chief said. "As regards external management, our position is that if Russian subsidiaries of foreign banks, and they are Russian banks under our laws, if they comply with all established standards and make payments, no external management should be introduced. From our point of view, there are no grounds to do so at present," she added.

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