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RUSSIAN ENTREPRENEURS IN SAN FRANCISCO FOR INTERNSHIP WITH CONTINENTAL SAVINGS

 SAN FRANCISCO, Feb. 23 /PRNewswire/ -- Continental Savings of America welcomed two Russian business entrepreneurs to San Francisco this week. Oleg Danilov, 21, and his wife, Marina Danilov's, 20, trip has been sponsored, in part, by Continental Savings where they will be serving a one-month's internship.
 "What's remarkable," said Charles A. Chenes, chairman, president and chief executive officer of Continental Savings, "is how far ahead these young people already are in developing their business acumen and knowledge. They are a perfect example of the kind of entrepreneurship, spirit and dedication that's going to be required if Russia is to succeed. We should give them every encouragement." According to Chenes, the Danilovs will be spending their time with Continental Savings immersed in the bank's operations, marketing, money management and retail banking departments.
 Chenes added, "Continental Savings has a strong commitment to community lending, and we feel that some of the things we do to ensure we fulfill this commitment would translate well into the developing Russian banking system."
 Oleg Danilov first connected with Continental Savings in 1992 when he visited San Francisco under the auspices of the Center for Citizens Initiatives in the USA, a San Francisco-based non-profit group which fosters relations between Russia and the United States. The Danilovs are in the United States for one month to study all aspects of banking in order to be able to expand their financial consulting to Russian businesses, and advise them on how to go public, how to issue stock, how to sell stock and how to deal with regulatory procedures. They are also interested in advising banks in Russia on how to develop and implement products and services, particularly for personal trust, securities and international banking departments.
 The Danilovs established the first money market fund in Russia in December 1992 with their company, United Project Inc. They also act as broker/dealers underwriting issues, and on the secondary market reselling stock. According to Danilov, "While there is not a large secondary or speculative market, Russia now offers the world's greatest market for public offerings because of the explosive entrepreneurial market and an enormous hunger on the part of the public to purchase stock to protect funds from inflation." He maintains that continuing inflation will force increasing money market investments which are perceived as more liquid than real goods and real estate.
 Both Danilovs graduated from the Faculty of Economics at St. Petersburg University. Oleg Danilov was previously director of the development department at the International Wood Commodity Exchange in St. Petersburg where he was responsible for establishing and monitoring rules for commodity exchange trading.
 Marina Danilov worked previously for the Planning and Finance Budgetary Committee for St. Petersburg's City Council, and as an administrative manager in St. Petersburg for the Central Europe Trust, a United Kingdom-based consulting company, advising governments on privatization.
 Continental Savings will periodically offer internships to students and business people from around the world. Said Chenes, "We believe it is critical to the advancement of capitalism and the improvement of the world economy for U.S. businesses to assist emerging nations and those countries, such as Russia, that are changing from state-controlled businesses to a free enterprise system. We must help citizens of those countries learn how we operate our businesses so they can then apply what they learn in their own countries. We are hoping to increase our internship program and help demonstrate how Continental's approach to financial services is applicable worldwide."
 Continental Savings is a federally chartered stock savings and loan association that operates six savings branch offices in the San Francisco area, and 16 loan origination offices in Northern and Southern California. With assets of $545 million, its principal business consists of originating loans secured by existing single-family residences for sale in the secondary mortgage market.
 -0- 2/23/93
 /NOTE TO EDITORS: Photographs are available, and Mr. and Mrs. Danilov are also available for interviews. Call Lucy Molina, 415-274-3035, for photographs and/or to schedule an interview./
 /CONTACT: Brian Minasian of Continental Savings of America, 415-274-3050/


CO: Continental Savings of America ST: California IN: FIN SU:

TM-GT -- SFFNS01 -- 9203 02/23/93 07:33 EST
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Date:Feb 23, 1993
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