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. Last Updated: 07/27/2016

18 Banks Join Audit Project

Eighteen more Russian commercial banks have been accredited in a project to develop Russian financial institutions funded by $300 million in loans from the World Bank and the European Bank for Reconstruction and Development.

The addition of new members brings the total number of banks involved in the project to 31. The program aims to create a financially sound Russian banking system by enlisting a corps of fully audited Russian commercial banks out of the thousands that sprang up as a result of relaxed capital requirements in Russia.

The project is expected to serve as a way to create a system of banks with certain capital ratios, levels of service and reliability.

A spokeswoman at the EBRD's London office confirmed that more banks had been accredited, but could not provide further details other than to say more banks would likely join.

According to Interfax, the newly accredited banks include Konversbank, Alfa Bank, Inkombank, MOST-Bank, Rossiisky Kredit, and Toribank, all based in Moscow; Bashprombank in Ufa; Nizhegorodsky Bankirsky Dom in Nizhny Novgorod; and Petrovsky in St. Petersburg.

The 13 banks already involved in the program included Mosbiznessbank, St. Petersburg Bank, Stolichny Savings Bank, St. Petersburg-based Promstroibank, Tokobank, and Uralpromstroibank. The banks involved in the project will have access to World Bank and EBRD credit resources.