RBC DAILY. A subsidiary bank in the Democratic Republic of Congo, Mining Bank of Congo (MBC), has appeared in the corporate structure of Metropol Group. As the group said in a press release, apart from investment banking services МВС, whose charter capital equals $5 mln, will offer customers cash settlement, lending, individual safe services and will also carry out operations with precious metals and foreign currencies.
According to advisor to IFK Metropol CEO Valery Redkin, who also acts as board chairman at Mining Bank of Congo, the primary objective is to roll out the bank’s investment business. «We’re interested in dealing wit major Russian companies that could have business interests in this region» — Redkin noted. Longer term, Metropol does not rule out the option of attracting funds of strategic investors, among which Redkin named diamond corporation Alrosa and VTB.
«We’ll also be interested in dealing with households, although this area of business will not be dominant» — Redkin said. He pointed out that for the time being the banking sector in Congo has been quite risky and poorly developed: the aggregate market capitalization of eight banks in the republic did not exceed $40 mln in 2005. At the same time, as Redkin thinks, the absence of big players and the availability of private savings make promising such areas of business as private deposits or safe lease services. Metropol Group mulls opening the first retail office of MBC within a year: the core of the bank’s management team will be Russian finance professionals, but the plan is to retain also Congo specialists in the future.
