Alexei Kudrin, Finance Minister, Russia

Ishrat Husain, Governor, State Bank of Pakistan

Süreyya Serdengeçti, Governor, Central Bank of the Republic of Turkey

Russia’s finance minister Alexei Kudrin (right) welcomed the country’s forthcoming adoption of international accounting standards at The Banker’s Top 50 Russian Banks presentation recently, as Stephen Timewell reports from Moscow.

The low capital base of the Russian banking sector is a serious concern; it could hamper the country’s ability to achieve its ambitious growth targets. But there is growth.Stephen Timewell reports from Moscow.
The Russian economy may be growing strongly, with latest GDP growth estimates put at 5.8% in 2004, but Russian bankers are concerned about the low capability of Russia’s banks and their lack of access to long-term funds.

Alexei Kudrin, Finance Minister of the Russian Federation and The Banker’s Finance Minister of the Year, talked to Karina Robinson in London about the challenges facing the Russian economy in what looks like a defining moment in its path towards becoming a liberal market economy.

The US securities & Exchange Commission’s (SEC) late proposal to alter rules on stock trading has caused concern at the New York Stock Exchange (NYSE) that the proposed hybrid electronic/voice trading model would be made inoperative.

Foreign investors will be allowed to acquire up to 74% of private Indian banks, up from 49%, India’s finance minister, Palaniappan Chidambaram, announced in early December. This clears up doubt over whether foreign investors could participate in the consolidation of the fragmented private banking sector.