Date Added: Aug 2009
The Moscow-based subsidiary of Cypriot financial group, Hellenic Bank, has become its first foreign entity to be launched as a fully-fledged bank, not just a representative office or a branch (which it has in abundance in Greece). In Russia, Hellenic will focus on lending to the SME sector. The first stage of the core system implementation is due to be completed in September. The core and main modules are to be up and running by then, with the second phase - internet banking and ATMs - to follow.