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Soul Sequence 10-17-2008 05:35 AM

Bank fears
 
Run on Russian bank heightens fears
By Charles Clover and Catherine Belton in Moscow

Published: October 15 2008 23:10 | Last updated: October 15 2008 23:10

Globex on Wednesday banned depositors from withdrawing their money as confidence in the Russian banking system began to show signs of *evaporating.

Globex, a mid-sized retail bank with assets of $4bn (€2.95bn, £2.32bn), is the first Russian bank to experience a run on deposits during the crisis. It lost 13 per cent of its deposits last month, according to Maxim Raskosnov, an analyst at Renaissance capital, and a further 15 per cent this month according to Emilya Alieva, Globex’s vice-president.

http://www.ft.com/cms/s/0/b2115c90-9...nclick_check=1


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