Rossiya Bank, a Russian joint stock bank founded in 1990 and headquartered in St. Petersburg, has established correspondent relations with its largest foreign depository, Euroclear Bank SA of Belgium.
The availability of direct accounts in the International Settlement and clearing center will allow Rossiya Bank to increase the effectiveness and efficiency of calculations on its own and client operations with Eurobonds and foreign securities, as well as to reduce operational risks.
In Nov. 2005, Bank Rossiya's investment company purchased a 37 percent share of Petersburg TV and Radio Company. It also owns a considerable share of Ren TV Media Holdings, and in Dec. 2006, Chairman of the Board of Directors Lyubov Sovershaeva also became the chairman of the board of directors of Ren TV.
Euroclear specializes in the settlement of securities transactions as well as the safekeeping and asset servicing of these securities. It was founded in 1968 as part of J.P. Morgan & Co. to settle trades on the then-developing Eurobond market.
Euroclear provides securities services to financial institutions located in more than 90 countries.