MOSCOW - Chase Manhattan Corp. opened a subsidiary here Friday, becoming the second U.S. bank to begin operating in Russia, alongside Citicorp.

The bank has had a representative office in Moscow since 1973. Speaking in Moscow, Chase president Arthur Ryan said the bank's main focus will be serving multinational clients and providing corporate and institutional clients with current accounts in rubles, dollars, and deutsche marks, foreign exchange, letters of credit, export and project financing, risk management, and other cross-border financing and advisory services.

Chase officials were quoted by Reuters as saying they will be unable to do business with local residents until current Russian restrictions are lifted.

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