Find the answers in the text

1. When and where was MNB established?

2. How many employees are there in MNB?

3. Is MNB the only Russian bank that has a full UK banking license?

4. Who are the customers of MNB mostly?

5. Is MNB also a big participant in project finance connected with capital projects in
Russia?

Moscow Narodny Bank is a Russian-owned, UK-licensed bank. MNB is a very traditional type of bank. MNB was established in London in 1919. It became the offshore representative of the Soviet government after the Bolshevik revolution in 1917. For years it was the foreign exchange and trade finance window for the Soviet government. Other eastern European banks also have long established London operations. But other have moved in since the transition to a market economy began in central and eastern Europe.

It is now a financial institution headquartered in London, owned by the Russian central bank but regulated by the Bank of England. MNB employs about 200 people. So far, MNB is the only Russian bank to have a full UK banking license.

The customers of MNB are mostly state institutions that specialize in import-export operations. But its principal clients today are the 300 major Russian banks, to which it provides financial services using its vast network of correspondent banks. MNB is also big participant in project finance connected with capital project in Russia.

This year, MNB has found itself returning to its roots. It has set up a new Russian bank. Mosnarbank, specifically to facilitate business in Russia and CIS. MNB says Mosnarbank is the first UK bank to be fully authorized to do business in the region by both the Russian Central Bank and the Bank of England.

Mosnarbank will specialize in the treasury, trade finance and project advisory services.

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