MOSCOW -- Citicorp and Chase Manhattan Corp. have applied for full-service banking licenses in Russia, according to Mikhail Pomazkov, the central bank's head of foreign banking operations.
He said both banks had submitted letters of intent and upon completion of documents would have approvals by yearend to set up subsidiaries capitalized at $5 million each.
Meanwhile, Russia has granted a license to a joint venture of Banque Nationale de Paris and Dresdner Bank of Germany that is capitalized at $10 million.
