Alfa Bank and the U.S. Overseas Private Investment Corporation Sign Memorandum on Cooperation to promote Investment in Russia
03 Jun 2002

The agreement, signed in New York on Tuesday by Alfa Bank's President Peter Aven and OPIC President Peter Watson, was the first of its kind between a Russian private institution and an American government organization in the history of new Russia. The Overseas Private Investment Corporation is an independent agency of the U.S. government and was set up to promote U.S. private capital investment in less-developed countries by offering financing for investment projects, funds and insurance against political risks. The Memorandum said Alfa Bank and OPIC would work together to explore ways to identify potential commercial projects that could benefit from financial support from either or both of the parties. Both parties would also endeavour to cooperate in the implementation of private investment development. Mr Aven said the Memorandum was a major milestone for post-Soviet Russia and Alfa Bank. Alfa Bank has now become the first privately owned Russian company to sign an official agreement with OPIC, Aven said. This demonstrates that there is an appetite for foreign private investment in the Russian economy and it underlines international confidence in Alfa Bank. The Memorandum was signed following the visit to Moscow at the end of May by U.S. President George Bush during which both Russia and the United States undertook to strengthen their economic ties.

Alfa-Bank Russia

Alfa-Bank, founded in 1990, has developed rapidly to become one of Russia's largest privately owned banks. It provides a full range of banking services — corporate banking, retail banking, investment banking, asset management and trade finance. The Bank has 229 branches over nine time zones in Russia, Kazakhstan and the Netherlands and subsidiaries in the United Kingdom and the United States.

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