02
April
2009
METROLPOL Group opens Mining Bank of Congo in the Democratic Republic of Congo
On April, 1 in Kinshasa, the capital of the DRC, Mining Bank of
Congo, the first African bank ever with 100% Russian capital, began
operations. The Chairman of the Board of Mining Bank of Congo is
Valery Redkin. The bank will provide a full range of banking
services, including cash settlements, credits for Russian and
foreign companies under pledge of concessions or real estate, lease
of individual safes, operations with precious metals, consulting
services with companies with interests in DRC markets. The bank
will also carry out financing projects in the fields of mining,
power and telecommunications.
The bank’s main shareholder is IFC METROPOL. In future Russian
and foreign investors interested in entering the DRC market will
become involved.
The decision to begin operations in the DRC was taken by
METROPOL Group in March 2006. The first step in implementing the
set tasks was to create Mining Bank of Congo. In July 2006,
permission was received by Central Bank of Congo to set up a
banking institution in the DRC. On April, 1, 2008, President
Joseph Kabila of the DRC signed a Decree on the creation of the
society Mining Bank of Congo (MBC), registered in Kinshasa.
On November, 30, 2008 a working meeting was held between
President Kabila of the DRC and M.V. Slipenchuk, Head of METROPOL
Group of companies, organized with the support of the Russian
Ministry of Foreign Affairs. The meeting discussed a wide range of
issues related to METROPOL's investment banking activity in Congo
and the attraction of direct investments in important branches of
the DRC’s economy.
Mr. Kabila noted that the DRC was interested in widening its
links with Russia in the fields of economics, politics and culture.
Special mention was made of the consolidation of efforts to help
Russian companies enter the DRC market. In this regard, the
President proposed that METROPOL Group act as a coordinator of
Russian companies’ activity in Congo and, in particular, frame a
plan for further action in all areas of collaboration between the
two countries. The President raised the idea of placing a series of
bonds issued by DRC energy companies (or joint companies) on
various international financial exchanges, with METROPOL Group's
assistance, in order to attract investment in this important branch
of the economy for the country.
Hence, as of today METROPOL Group’s main tasks in the DRC
are:
• To establish and expand Mining Bank of Congo’s
activity
• To create and develop vital infrastructure for the
implementation of projects in the mining, construction, energy and
other sectors of the country’s economy
• To offer consulting services to Russian and foreign
companies interested in working on the DRC market
• To research opportunities for other business projects in the
DRC involving Metropol Group
