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. Last Updated: 07/27/2016

Dutch Bank Applies for License Here

MOSCOW (MT) -- Holland's largest bank has applied for a license with the Russian Central Bank to open a subsidiary in Moscow, according to Cornelie Goedhuis, consultant to the Internationale Nederlanden Bank in Moscow.

ING Bank signed a letter of intent with the Central Bank in April, hoping to acquire a full banking license in Moscow. The bank plans to focus on trade-related finance, transfers and deposits, Goedhuis said, adding that private accounts might be added later.

Only three foreign banks have received a license for a subsidiary in Russia so far. Several banks are hoping to set up subsidiaries in Moscow, but the Central Bank this month imposed new restrictions on foreign bank subsidiaries in Russia.