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. Last Updated: 07/27/2016

Chase Opens in Moscow

Chase Manhattan Bank, N.A., one of the largest U.S. banks, opened a full banking subsidiary in Moscow on Friday in a move that its chief said demonstrates increased confidence in the stability of the Russian banking market.

Arthur Ryan, president of Chase Manhattan, said the opening "does reflect a confidence" that long-term economic progress "is quite possible. Risk here has reached the point where it is very manageable."

Chase Manhattan still does not have the right to serve Russian clients, he said, but added that the bank is holding talks with the Central Bank and the government to resolve the problem within "weeks or months, certainly not longer than that."

Although Russian banks were unwilling to see strong foreign banks on the market, Ryan said Chase Manhattan's policy was to extend correspondent relationships with Russian banks and to become partners.

He said Chase Manhattan International, the Moscow branch of Chase Manhattan Bank, has more than 30 correspondent relationships with Russian banks.