Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Business in Brief

Citibank Retail Loans



MOSCOW (MT) -- Russia's Citibank, a unit of Citigroup Inc., on Tuesday launched an unsecured consumer loan program, with loans denominated in rubles and annual interest rates of 22 percent, Dow Jones reported.

The loans, offered to people who have a net monthly income of at least 16,000 rubles ($512), will vary from 32,000 rubles to 320,000 rubles, and will be repaid over 18, 24, 30 or 36 months.

"We have more than enough rubles to lend to Russians," consumer bank director Nandan Mer told a press conference. The bank said its 2002 revenue in Russia rose 13 percent on the year, but refused to provide detailed figures.

Citibank becomes the second bank in Russia to offer unsecured consumer loans after Raiffeisenbank, the Russian unit of Austria's Raiffeisen Zentralbank




Industrial Output Rises



MOSCOW (MT) -- Industrial output was up in March by 6.7 percent over a year earlier, Interfax reported, citing the State Statistics Committee.

In the first quarter overall, industrial production was up 6 percent, it said. Both figures are given on a calendar-adjusted basis.

For the quarter, output expanded fastest in ferrous metals, up 11.1 percent, and in the medical industry, where output rose 10.7 percent. Output rose 9.9 percent in the fuel sector, 9.5 percent in nonferrous metals and 8.6 percent in electricity, partly due to the cold winter.




Yukos Eyes NYSE



MOSCOW (Reuters) -- Oil major Yukos may obtain a listing on the New York Stock Exchange next year, an official from a group that controls the firm said Tuesday.

"If nothing happens before the end of the year ... it may happen in 2004," said Platon Lebedev, chairman of MFO Menatep, a subsidiary of Group Menatep, which holds 61 percent of Yukos on behalf of its top managers.

"It is difficult to make forecasts now because many things do not depend on Yukos or on us."

He said Yukos might either go for Level Two American Depositary Receipts, which only mean a listing on the NYSE, or Level Three ADRs, which involve a listing and a placement of shares.




Sberbank Guarantees



MOSCOW (MT) -- The State Duma's banking committee has recommended an amendment to the proposed law on deposit insurance that will leave Sberbank with an explicit state guarantee for longer than foreseen, Dow Jones reported, citing local newspapers.

If adopted, the amendment would ensure that Sberbank's explicit state guarantee stays in place until its share of the retail deposit market falls below 30 percent. Its current market share is more than 70 percent.

Under current legislation, Sberbank's deposits are guaranteed by the federal government until 2007.

The aim of the law on deposit insurance is to abolish this privilege, which gives Sberbank a huge competitive advantage, and replace it with a sector-wide mechanism that would offer varying degrees of insurance for all deposits up to 95,000 rubles ($3,045).