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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: ild who wrote (8943)	7/9/2004 9:50:05 AM
From: mishedlo	Read Replies (1) of 116555

Alfa Bank Depositors Withdraw $200 Million in 3 Days Amid Run July 9 (Bloomberg) -- Alfa Bank, Russia's largest privately owned lender, said retail clients will have pulled out $200 million in three days by the end of today, amid reports in national newspapers this week that the bank was having problems. The bank is capable of meeting demand from its clients, said Deputy Chief Executive Andrey Kosogov. ``There is money available from shareholders, and this is an additional reserve,'' Kosogov said at a press conference in Moscow. ``It is a large one, and there is an agreement that will allow to use this if necessary.'' Alfa holds $1.2 billion in retail deposits as of today, said bank board member Alexander Gafin. Alfa and other Russian private banks are facing their biggest test of confidence since 1998, when the government's $40 billion debt default wiped out many of the country's largest lenders. Banks are now struggling to prevent a crisis after the central bank in May shut down OOO Sodbusinessbank amid money-laundering accusations, sparking a squeeze on lending. Consumer bank Guta ceased operations this week. quote.bloomberg.com

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