The state controlled ROSEXIMBANK will withdraw from the deposit insurance system. The bank has asked the Central Bank of Russia (CBR) to allow it to give up dealing with personal deposits. This is the first time that a bank has given up retail operations of its own accord rather than at CBR demand. The bank voiced plans to rid itself of non-core assets and focus on serving export deals. ROSEXIMBANK is a subsidiary of VNESHECONOMBANK. The bank acts as an authorized agent of the Russian government. There are plans to establish the State Development Corporation out of the Russian Bank for Development, VNESHECONOMBANK and ROSEXIMBANK. The relevant draft law was sent out to agencies for approval.
Source: VREMYA NOVOSTEI, August 25, 2006
