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