DPR Central Bank issues license to International Settlement Bank branch

October 26, 2018 19:19 // Updated: October 26, 2018 19:41

Donetsk, Oct 26 – DAN. DPR Central Bank has issued its first license a foreign Branch No. 1 of the International Settlement Bank, allowing it to operate in the DPR, the Republican financial agency said.

“The DPR Central Bank’s Board has decided to issue a license for banking activities and financial services to the Branch No.1 of the International Settlement Bank (Ltd.) and to endorse candidates for the subsidiary’s director and chief accountant.”

The license covers opening and managing clients’ current accounts and issuing of payment documents, cards, managing cards and other forms of settlements.

The DPR Central Bank chairman Andrey Petrenko handed over the documents to the subsidiary’s director.

“Issuing license to a foreign bank branch is an important step on the way of bank system development. This is a unique experience for us, thus further legal adjustments of its operations and gradual implementation of procedures for cooperation with clients and the Central Bank shall be taking place.

“We hope that the branch’s successful operation will contribute to the DPR prosperity,” the Bank’s press statement reads.

On September 28 the DPR Council of Ministers adopted the decision to open the International Settlement Bank branch in the DPR.

First, the foreign bank is to provide lending services for DPR state companies and later to entrepreneurs. *ot