The Eurasian Development Bank, which was founded in 2006 to finance infrastructure projects in Russia and Kazakhstan, is to expand its remit to include investments in financial institutions, according to its chairman.
"We are looking to take block stakes in banks, especially those that have cross-border networks," Igor Finogenov tells Euromoney in an interview in London.
"The main idea," he adds, "is that the [investment in] the bank will help us fulfil our mission. We wouldn’t take stakes to help bail out failing banks. That’s not our role. We don’t have such a mandate."
Instead, says Finogenov, the EDB’s purpose is to facilitate economic growth...
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