On October 6, President Dmitry Medvedev met Alfa Group Chairman Mikhail Fridman to discuss the financial crisis and its effects on the European and American financial markets.

“I am confident that the Russian financial system is less vulnerable to the crisis than that of other countries. As I see it, the Russian government is taking effective measures to tackle the country’s financial problems,”  said Mr. Fridman.

President Medvedev and Mr. Fridman talked about the potential consolidation of Russian financial institutions. During the discussions Mr. Fridman said, “I think the consolidation will take place, and the process will involve both state and private banks.” Among other things, Mr. Fridman spoke about Alfa Group’s interest in a number of Asian telecommunication projects. He said that Alfa Group companies are looking to expand into Asian markets, including Iran and Afghanistan. “We are looking at the telecommunications potential in developing countries. We have an aggressive expansion policy,” explained Mr. Fridman. Meanwhile, he stressed that Alfa Bank would only participate in projects that fully comply with international law.

President Medvedev supported Alfa Group’s plans. “As long as they follow international norms and regulations, the Russian government will continue to support private businesses and their expansion into foreign markets,” noted President Medvedev.