Alliance Capital and SBS-AGRO Bank Form Joint Venture Company in Russia.NEW YORK--(BUSINESS WIRE)--July 3, 1997-- -- TO PROVIDE ASSET MANAGEMENT SERVICES, MUTUAL FUNDS -- Alliance Capital Management L.P. and SBS-AGRO Bank, Russia's largest privately owned bank, have agreed to form a joint venture company to provide investment management services and mutual funds to institutional and individual investors in Russia Russia, officially the Russian Federation, Rus. Rossiya, republic (2005 est. pop. 143,420,000), 6,591,100 sq mi (17,070,949 sq km). . The new company, Alliance SBS-AGRO Capital Management Inc., will be owned 51 percent by SBS-AGRO and 49 percent by Alliance. The Moscow- based joint venture company, the first between an American asset management firm and a Russian bank Noun 1. Russian bank - solitaire with two players using separate packs crapette patience, solitaire - a card game played by one person , is expected to begin operations in October. Andrei Lykov, First Deputy Chairman of the Board of SBS-AGRO Management Holdings, said, "We are delighted to be entering into this partnership with a leading U.S. investment firm. We expect Alliance SBS- AGRO to become a major factor in the growth of the mutual fund business in the Russian Federation Russian Federation: see Russia. ." Dave H. Williams, Alliance's Chairman and Chief Executive Officer, said, "We look forward to offering Russian Russian associated in some way with Russia. Russian blue a breed of cats with short, dense, silver-tipped blue-colored coat and vivid green eyes. citizens and institutions access to more financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and products in cooperation with SBS- AGRO. As Russia's largest private bank, SBS-AGRO has a track record of growth and innovation that will contribute to an outstanding partnership." SBS-AGRO's 1,300 branch offices throughout Russia will serve as a distribution system for the financial services and products available through the joint venture company. In addition to its retail banking activity, SBS-AGRO is active in securities trading securities trading, financial activity involving transactions of property such as stocks, bonds, commodities, and currency (see securities). Although the trading of stocks and bonds dates back several centuries in many Western nations, the development of the , investment operations and commercial lending. SBS-AGRO, founded in 1989, has one of the country's most advanced information technology systems and controls Russia's largest automated teller machine automated teller machine (ATM), device used by bank customers to process account transactions. Typically, a user inserts into the ATM a special plastic card that is encoded with information on a magnetic strip. network with more than 150 member banks. Alliance Capital currently manages approximately $2 billion (U.S.) in Russian securities, primarily bonds, for its institutional and mutual fund clients. Mr. Williams said that Alliance's association with SBS- AGRO would add to its knowledge base and management skills in the field of Russian bonds and equities. About Alliance Capital Alliance Capital Management L.P. (NYSE NYSE See: New York Stock Exchange : AC) is a leading global asset manager with $194 billion under management. Alliance provides services to pension funds, endowments, insurance companies, banks and other institutions as well as to individual investors through 136 mutual funds and cash management products which are distributed through broker/dealers, financial advisers, banks and insurance companies. Alliance serves clients worldwide through offices located in Australia, Bahrain, Brazil, Canada, France, India, Japan, Luxembourg, Poland, Singapore, Spain, Turkey, the United Kingdom and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . CONTACT: Alliance Capital Management L.P. or Schofield & Associates Duff Ferguson Paul Schofield 212/969-1056 617/428-0680 |
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