29 July 2003 03:44
AIG, Gosstroi sign memorandum on cooperation
MOSCOW. July 29 (Interfax) - 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,"
Chairman of the State Construction Committee Nikolai Koshman said after the memorandum was signed at the Moscow Chamber
of Commerce in Moscow on Tuesday.
AIG is the world's second largest company extending financial
services. Its net profit in the second quarter amounted to $2.28
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.
billion and revenues $19.9 billion. [RU EUROPE EEU EMRG US FIN CON] sd aw <>
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