New major investment development bank to appear in Daghestan

Makhachkala, February 25, 2014. In Daghestan, a new major investment development bank may appear. This idea was announced at a recent meeting of Daghestain Prime Minister Abdussamad Gamidov with banking officials.

Participants noted that the bank is to be established via joining existing financial structures and Daghestan businessmen in its capital to finance Daghestan investment projects in small and medium enterprises worth up to RUR 300 million.

CEO of "ENO Bank" JSC Ruslanbek Kadjimagomedov told Abdussamad Gamidov about the concept of creating a new financial institution.
He said that creating a larger bank with a clear management and capitalization structures will allow them to accumulate the most qualified staff and use the latest banking technology in one bank.

"The new bank will help attract cheap and long-term resources of state financial institutions, Russian commercial banks and foreign financial institutions, deposits of budgetary organizations, enterprises and foundations in Daghestan. It will be a commercial organization operating in accordance with banking regulations. It will aim at obtaining shareholders’ profits," - the speaker said.

According to R. Kadzhimagomedov, the bank will promote the development of Daghestani business infrastructure through attracting cheap financial resources and the most efficient and contemporary technology to support entrepreneurship.