Bank of Moscow invested 300 million U.S. dollars in Serbia - First subsidiary opened in Novi Sad

- Bank of Moscow will end year 2010 with a total of 300 million dollars worth of loans granted to enterprises in Serbia - Chairman of the Executive Board of Bank of Moscow in Serbia Vladimir Zecar said today.

He announced at the opening of the first subsidiary of Bank of Moscow in Novi Sad that the bank planned to open another eight subsidiaries in Serbia in 2011 and additional 25 subsidiaries in the mid-term period.

Zecar also pointed out that Bank of Moscow registered 100% growth of saving deposits of citizens in 2011, but he did not reveal the amount of the deposits.

Vice-President of Bank of Moscow Pavel Gorbacevic said that the bank's first subsidiary was opened in Novi Sad because Vojvodina had a big economic potential and represented "one of the most interesting regions" for Bank of Moscow.

The opening ceremony was attended by Russian Ambassador to Belgrade Aleksandar Konuzin, Deputy Prime Minister of Vojvodina Boris Barjaktarovic, and Mayor of Novi Sad Igor Pavlicic.

The subsidiary of Bank of Moscow Belgrade is situated within the complex of NIS Business Center.

Bank of Moscow opened its branch office in Belgrade in 2008.