29 July 2003 14:08
Russian federal agency, US insurance giant sign cooperation deal
Moscow, 29 July: The AIG corporation and Russia's State Construction Committee have signed an agreement on
cooperation in housing insurance.
"This memorandum gives the American financial market access to the new-born Russian mortgage market," the
chairman of the State Construction Committee, Nikolay Koshman, said after the memorandum was signed at the Moscow
Chamber of Commerce in Moscow on Tuesday [29 July].
AIG head Maurice Greenberg said that guarantees are an important way of developing the mortgage market. Therefore,
laws and regulations must be adopted in order to draw capital to the housing sector, he said.
The company is taking part in drafting such regulations in other countries and is optimistic about its future work in
Russia, Greenberg said, noting that AIG may become a major player on the housing insurance market in Russia.
AIG is the world's second largest company extending financial services. Its net profit in the second quarter
amounted to 2.28bn dollars and revenues 19.9bn dollars.
[Interfax news agency] |
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