Wall Street Bankers Join Kremlin's Plan to Make Moscow Global Financial Centre

Strategic Insights -

A group of prominent Wall Street bankers and financial experts has been appointed by Russian President Dmitry Medvedev to advise on the country's plan to create a global financial centre in Moscow. The working group, which includes seven foreigners and 20 Russians, includes CEOs from major banks such as JPMorgan Chase, Citigroup, Goldman Sachs, and Bank of America. The group aims to help Russia reduce its dependence on natural resources by promoting innovative technologies and attracting foreign capital. Moscow ranked 68th in the Global Financial Centers Index in 2009 and is seeking to improve its financial infrastructure to lure financial flows.

Key Takeaways:

  • 27 individuals, including 7 foreigners, have been appointed to a working group to advise on creating a global financial centre in Moscow.
  • The group includes CEOs from major banks such as JPMorgan Chase, Citigroup, Goldman Sachs, and Bank of America.
  • The group aims to help Russia reduce its dependence on natural resources by promoting innovative technologies and attracting foreign capital.
  • Moscow ranked 68th in the Global Financial Centers Index in 2009 and is seeking to improve its financial infrastructure.
  • The Russians on the board include Alexander Voloshin, a former top aide to President Putin, and German Gref and Andrei Kostin, who run Russia's two biggest banks.
  • The group includes experts from accounting firms KPMG, PricewaterhouseCoopers, and Ernst & Young.
  • Galia Maor of Israel's Bank Leumi and OAO Sberbank's Bella Zlatkis are the only women in the group.

Statistics:

  • 27 individuals have been appointed to the working group.
  • 7 foreigners are on the board, including CEOs from major banks such as JPMorgan Chase and Goldman Sachs.
  • 20 Russians are on the board, including experts from consulting firms and banking industry executives.
  • Moscow ranked 68th in the Global Financial Centers Index in 2009.
  • Russia is seeking to attract foreign capital and promote innovative technologies to reduce its dependence on natural resources.

Sources:

  • "Kremlin Unveils Plans for Moscow as Global Financial Centre" on the Kremlin's website.
  • A Deutsche Bank spokesman, Dimitri Agishev.
  • An interview with President Dmitry Medvedev on January 26.
  • The Hamilton Spectator, February 2011.
  • The Associated Press.
  • The City of London's Global Financial Centers Index.