Capital Markets

Russia’s 10th largest bank eyes Kenya market

Central Bank of Kenya building in Nairobi. FILE PHOTO | NMG
Central Bank of Kenya building in Nairobi. FILE PHOTO | NMG 

One of Russia’s largest privately owned banks, Promsvyazbank, says it mulling over expanding operations into Kenya as it seeks to tap new East Africa deals.

Alexander Meshcheryakov, head of transaction, documentary and international businesses at Promsvyazbank — Russia’s 10th largest bank by assets — told news agency Reuters the lender is studying Kenya and other African countries ahead of a possible decision to venture into the country.

“There is growing interest in Africa among (Russian) clients,” Mr Meshcheryakov said. “Many clients come to us with this topic and ask to help them with financing projects in the region.”

Oil-rich Russia’s banks and firms have invested billions of dollars abroad since the fall of the Iron Curtain.