Banking and Insurance Law
Анотація
Abstract In this chapter we address two distinct but not unrelated branches of commercial activity: banking and insurance. The growth of private banks in the late Soviet era and in the Russian Federation astounded observers who believed that such bastions of capitalism would be slow to emerge in the transition to a market economy. In fact it was easier for Soviet investors to create a bank than it was to create a joint enterprise with foreign investments. On 1 March 1994 there were 2,075 banks registered in the Russian Federation, of which 65 per cent were share banks in the form of a limited or additional responsibility society and 35 per cent were created in the form of a joint-stock society. During 1995 and 1996 the Central Bank encouraged share banks to transform themselves into joint-stock societies, and the great majority now enjoy that status.
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