Permission has been granted by the State of Cambodia for the establishment of the

Cambodia Russian Bank Ltd. to begin operations in Phnom Penh. The bank will go by

the name of "CaRus Ltd." The bank is a 50-50 joint venture between the

National Bank of Cambodia and a Russian entrepreneur, Mr. Yury Chiet-vierikov, who

is chairman of the Program Commission at the Moscow Central Stock Exchange.

The bank will open with an initial capitalization of U.S. $10 million. Services to

be offered include buying and selling gold, credit facilities and U.S. dollar and

riel account facilities. The bank is set to open once a suitable office has been

located.