"Wanted: An East European Ataturk
Sam Vaknin, Ph.D. - 8/10/2005
In November 2002, Citibank has become the first American bank to open a retail operation in Russia, replete with phone and Internet banking. It offers middle-class Russian clients in Moscow and St. Petersburg both ruble and dollar accounts, overdraft and loan facilities in both currencies, and even debit - though no credit - cards. Murky laws regarding ownership of real estate initially preclude mortgages. Citibank already has some corporate business in Russia with a modest asset portfolio of c. $1 billion."
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