OREANDA-NEWS. October 30, 2009. Victor Solomin, Director of Sviaz-Bank’s Financial Institutions and Commercial Financing Department, attended the 11th meeting of the Subcommission for Interbank and Investment Cooperation between the Republic of Kazakhstan and the Russian Federation in Almaty, Kazakhstan, reported the press-centre of Sviaz-Bank.

The participants discussed the overall situation on the financial markets of Russia and Kazakhstan, and also a number of practical issues, such as: attraction of external funding and risks on loan markets (particularly the mortgage market) at a time when commercial banks have only limited access to foreign loans; development of the rating services market; extension of the nominee rights to own securities of Russian issuers to foreign investors and development of a mechanism to confirm the rights of beneficiary securities holders; reduction in the taxes charged on residents’ transactions in Russia and Kazakhstan in accordance with the interstate agreement on avoidance of double taxation between Russia and Kazakhstan to zero; and a series of measures to promote a project involving interstate agreements on loan information exchange between the Russian Federation and the Republic of Kazakhstan.

The Subcommission meeting was attended by over 70 delegates of 40 banks and organizations in Russia and Kazakhstan, including, on the Russian side, in addition to Sviaz-Bank, representatives of the secretariat of the Eurasian Economic Community’s integration committee, the Bank of Russia, the Russian Banks Association, MICEX, Sberbank, VTB Bank, Zenit Bank, Roseximbank, Eurotrust Commercial Bank (CJSC), and the Interstate Bank. The workshop meetings produced a number of agreements on stimulating interbank cooperation.