Business Insider’s Business Banking forum has been updated to include information about a new bank to be opened by Russia’s government in early 2019.
The Russian Financial Enterprise Agency (RFIA) said in September that it would start working on a new, privately owned bank in 2018, but only if a foreign partner had a commitment from the Russian government to help the bank operate.
“It’s a very important development for Russia,” said Alexei Popov, an analyst at RBC Capital Markets.
“A lot of these partners need to be ready to be partners.”
Popov noted that Russia’s economy is growing rapidly and has the potential to expand beyond Russia’s borders.
“If this bank can operate in a safe environment, it could be very good for the Russian economy,” he said.
Popov said the bank would have to be a partner in order to open.
Russia is not the only country looking to create a bank.
The country is also working on creating a private banking subsidiary that will operate independently from the government, the FT reported last month.
That venture is currently in the hands of a Russian company called Kontro, which Popov described as “a bit of a wild card.”
“I would not be surprised to see some kind of private bank opening in the near future,” Popov told Business Insider.
“The government could put it in its portfolio and the public would have a say.”