Latest articles from Central & Eastern Europe

Delete New money laundering rules lead to chaos in Russian bank system

August 24, 2004

Russians have seen it all before; when the queues began to form outside banks that were refusing to pay out last month, panic began to set in.
A bank crisis that started in May with the closure of medium-sized Sodbiznesbank threatened to spin out of control after the large retail bank, Guta Bank, closed its doors and a run started on accounts at Alfa Bank, one of the two biggest commercial banks in Russia.

ERM II stirs up Prague’s quiet man

August 2, 2004

Sitting over lunch within view of Prague’s landmark Charles Bridge, Zdenek Tuma, the 44-year old Czech central bank governor, uncharacteristically lets rip.
“Two years is a nonsense, yes a nonsense!” he exclaims, speaking about the need for the Czech koruna to join the Exchange Rate Mechanism II (ERM II) for 24 months in order to ultimately join the euro.
He is not alone in his dislike of this condition of entry. Many other accession country central bank governors share his views.

New money laundering rules lead to chaos in Russian bank system

August 2, 2004

Russians have seen it all before; when the queues began to form outside banks that were refusing to pay out last month, panic began to set in.
A bank crisis that started in May with the closure of medium-sized Sodbiznesbank threatened to spin out of control after the large retail bank, Guta Bank, closed its doors and a run started on accounts at Alfa Bank, one of the two biggest commercial banks in Russia.

UniCredit sets sights on ‘New Europe’ potential

August 2, 2004

UniCredit has its sights set on further expansion into central Europe. Paolo Fiorentino, deputy chief operating officer, head of New Europe, talks to Stephen Timewell about the bank’s developments in the region.

Russian central bank’s tough stance causes jitters

July 2, 2004

THE CENTRAL BANK OF RUSSIA (CBR) sparked a mini banking crisis last month after it used new anti-money laundering laws for the first time to strip a bank of its licence.

Progress and potential

July 2, 2004

Jules Stewart reports on the main points raised at The Banker’s Banking on Russia conference.
Three leading market participants addressed a conference on Russian banking organised by The Banker on May 24 to review progress made in reforming the sector and assess the outlook for future progress.

New engines for growth of trade

July 2, 2004

Ben Aris reports from Kiev on the benefits that the new eastern bloc CES alliance is expected to bring and on the country’s growing relationship with the EU.
The leaders of the four biggest countries in eastern Europe gathered in the Crimean resort of Yalta in May to create their answer to the EU: the Common Economic Space (CES). The new free trade zone is designed to feed flourishing economic growth in Russia, Ukraine, Kazakhstan and Belarus.

Bids to be universal

July 2, 2004

Ben Aris reports from Kiev on the shape of the banking sector and banks’ strategies to build up universal business now that the economy is faring well.

Results of reform

July 2, 2004

Serhiy Tihipko, chairman of the National Bank of Ukraine, talks to Ben Aris in Kiev about economic progress and developments in the banking sector.

Corporates issue forth

July 2, 2004

The Ukranian economy is undercapitalised and companies are placing a steady stream of corporate bond issues to raise investment, says Ben Aris in Kiev.

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