Russian Post Thinks on Postal Bank

By The Moscow Times

June 23, 2013

The new management of the Russian Post is still considering creating a postal bank, first deputy CEO of Vneshekonombank Anatoly Tikhonov said Friday.

"The issue of creating the Postal Bank has not been removed from the agenda yet. The new management is considering the options. … The idea remains," Tikhonov said.

Under plans first aired four years ago, the Postal Bank will be created using Vneshekonombank-owned Svyaz-Bank as a base. Russky Standart Bank and Nomos-Bank remain possible as financial partners, Interfax reported.

Incorporating Russian Post's financial business and using its extensive network of branches, the Postal Bank would compete with Sberbank.

In April, former head of Russian Post Alexander Kiselyev was dismissed over delays of international mail in Moscow airports. He was replaced by former head of Tele2 Russia Dmitry Strashnov.

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