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. Last Updated: 07/27/2016

Western Banks to Open

MOSCOW -- Germany's Deutsche Bank and Commerzbank and the U.S. Bank of America and J.P. Morgan have received preliminary permission from Russia's Central Bank to open subsidiaries in Russia, Central Bank deputy chairman Alexander Turbanov said Monday.

He said the Central Bank was considering applications from 20 foreign banks to set up subsidiaries. He added that foreign companies, mostly banks, last year showed a "completely clear" interest in setting up subsidiaries in Russia.