George Soros Leaves Russia

[NVMojo]

Soros Development Fund announced yesterday it is selling its share-holding of KMB-Bank, the last thing that attached the famous international financier George Soros to Russia. Intesa, an Italian bank group, now owns a control stock of KMB-Bank and is going to turn it into its retail subdivision with Intesa subsidiary bank focusing on operations with corporate clients.


George Soros is known to have lost $2 billion in the 1998 Russian financial crisis. In his Crisis of Global Capitalism published afterwards George Soros writes: “We should no longer take Russia into account.” However, he suddenly came back to this country in 1999. Soros Development Fund bought a 42 percent stake of the Russian Corporate and Project Finance Bank (RPFB) from eight Russian companies and banks – Gazexport, Aeroflot, Agrokhimexport, Exportles, Nafta Moscow, Tokobank, Agroprombank and Delovaya Russia Bank. A control stock (53 percent) then pertained to the European Bank for Reconstruction and Development (EBRD). Later the shareholding of Soros Fund and the EBRD went down to 36,8 percent due to the new share-holders that appeared – German development bank DEG (18,36 percent) and Stichting Triodos Doen (8,09 percent). The RPFB was later renamed into KMB-Bank (Small Business Credit Bank).

KMB-Bank has held the 113th place among Russian banks in terms of the owned capital (1,13 billion rubles) and the 84th place in terms of the net wealth (9,68 percent).

more...
http://www.kommersant.com/page.asp?id=572471

[rsmith6621]

1. Soros Needs To Invest

In Liberal TV here in the USA so we can get bothside out and let the people make up their minds with objectivity.