EBRD president says boards mull no Russia leaving bank

LONDON, May 2 (PRIME) – Neither the board of governors nor the board of directors of the European Bank for Reconstruction and Development (EBRD) are discussing Russia leaving the shareholder composition of the bank, EBRD President Suma Chakrabarti told reporters on Tuesday.

The Russian market is important for the EBRD due to the quality of assets in which the bank had invested. The bank’s Moscow office is also an important hub for investment in Central Asia. “I think that no one is discussing and no one suggests Russia take money back and leave the EBRD, as Russia is very important for the EBRD,” Chakrabarti said.

The Russian group at the bank plans to raise the question of legitimacy of the EBRD rejecting new investment in Russia at the next meeting of the bank’s shareholders on May 9–11. Previously, a source in the EBRD told PRIME that if directors of the bank refuse to answer to the claims of Moscow, Russia may study different options of reacting to that, including leaving the bank.

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