Page 67 - RusRPTJul19

8.1.8 Sberbank news
The Russian State Duma passed amendments to the law allowing the Central Bank of Russia (CBR) to oblige banks to participate in the state System of Fast Payments (SBP) transfer system, operated by the regulator and currently counting 14 participating banks and another 100 pending, Vedomosti daily reported on June 19. The amendments carry risks for Russia's largest state-controlled bank Sberbank, which previously resisted joining the CBR's system, while accounting for 60% of such transfers in the banking system. Sberbank's own system allows instant transfers using only the recipient's phone number, between the bank's customers and to partner banks such as Tinkoff, Sovcombank and Webmoney. The SBP system of the central bank would challenge Sberbank's monopoly, as well as erode the commissions earned from the transfers. Previously the CEO of Sberbank German Gref argued that the CBR should only intervene in services that are underdeveloped, while the instant transfer infrastructure in Russia is one of the most developed in the world.
8.1.8 Bank news
Baring Vostok Capital Partners (BVCP) has given up in its fight to retain control of the Orient Express Bank (OEB, aka Vostochniy Bank) and called off lawsuits brought against its former Russian partners, who have been accused of abusing the court system in their battle to take control of the bank. BVCP recalled two lawsuits that demanded a shareholder meeting of Oriental Express Bank (OEB) and voted in a new board of directors, Vedomosti daily reported on June 18. The representatives of the fund commented that the decision was taken following the decision by Russian regional Amursk court that was adopted in "unprecedented short timeframe" that stripped BVCP of the control in the bank "in favour of raiders that put innocent people behind bars."
Russian state-owned banking giant VTB has filed a lawsuit against Ukraine at the Arbitration Institute of the Stockholm Chamber of Commerce
67 RUSSIA Country Report July 2019 www.intellinews.com