Belarus to keep out subsidaries of foreign banks

Belarus is not interested in having foreign banks open their subsidaries in this country, Belarus Deputy Economy Minister Andrei Tur said in a statement on Thursday. The ban for foreign banks to open up their subsidaries in Belarus remains an element of the country's development strategy, he said. The ban could be lifted only after the Belarusian banking system gained strength. If foreign banks want to open their subsidaries, Belarus still regards it as a certain threat to the country's economic security, believes Tur.

At the same time, Belarus welsomes foreign investors in the banking sector. They are free to establish daughter banks on the territory of Belarus or invest in the existing banking and financial institutions in this country.

Foreign capital is present in the statutory funds of 23 out of 27 Belarusian banks, reports Belta. This includes the capital from Russia, Austria, UK, Cyprus, Latvia, Switzerland, Holland, Kazakhstan, Lybia, Canada, U.S. and other countries.