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30.10.2008

Southern Russia versus the Global Crisis

Center-invest Bank presented its economic programme 'Southern Russia Against the Global Crisis' to international banks in Frankfurt on 27 October, and at the conference 'Medium-Sized Enterprises: Safeguarding Southern Russia's Economic Growth', organised by the Association of European Businesses and the magazine 'Expert-Yug', in Krasnodar on 29 October.

Center-invest Bank's independent director, former Bundesbank president Ernst Welteke, helped organise the meeting in Frankfurt and also attended the event. Deputy Chairman of Center-invest's Executive Board for Financial Institutions, Olga Vysokova, presented the bank's IFRS results for Q3 2008: shareholders' equity reached RUR5.7bn, assets RUR48.5bn, loans RUR34.2bn, customer accounts RUR23bn, and profit RUR0.7bn. 

Center-invest had acted in anticipation of the financial crisis. In this year alone, the bank has obtained long-term loans totalling more than RUR7.5bn.

Presenting the 'Southern Russia Against the Global Crisis' programme to foreign partners, Chairman of Center-invest Bank's Board of Directors, Professor Vasily Vysokov (Doctor of Economics) said, 'At a time of international crisis, southern Russia can maximise its global advantages in terms of the 'price/quality' ratio in the market segments relating to food production, logistics, infrastructure and energy efficiency. If the programme is to succeed, the authorities and the business community must step up their efforts to revive the circulation of money and lending to the real economy, manage liquidity, meet their social obligations to the local population in full, monitor markets and prices, consider whether projects and programmes can be more effective, and also establish a new financial markets system.'

Foreign banks have expressed considerable interest in the programme; they see it as providing real opportunities for investment in the post-crisis economy and for cooperation in introducing new efficient equipment and technologies.

The programme had previously been presented to the heads of leading companies in the Rostov region at a special meeting of Center-invest Bank's Club of Directors.

The programme was also discussed at the VIII international economic forum 'Enterprise in Southern Russia: Innovation and Development' and at an extraordinary meeting of the Rostov Region Chamber of Commerce and Industry.