INTERNATIONAL BANK OF ST. PETERSBURG SEEKING TO ENTER EUROPEAN MARKET








HELSINKI, March 13 /from RIA Novosti's Leonid Laakso/ - The International Bank of St. Petersburg has become the first  Russian bank to apply for accreditation and a permit to start banking activities in the EU. Before that the bank had its representation in Helsinki only.


	According to Helsinki branch director Mauri Raveala, the bank would first of all like to ease the procedure of mutual settlements in deals between Russian and Finnish businessmen. Also, the bank could provide project loans and investment guarantees. "I believe this will encourage investment in northwestern regions of Russia," Raveala said.


	At the present time, the application from the International Bank of St. Petersburg is being considered by the Finnish Ministry of Finance and other government and financial institutions of Finland.


	The International Bank of St. Petersburg was founded 11 years ago. It is better known as the Forestry and Industry Bank of St. Petersburg, which until 1999 had provided services for forestry and woodworking enterprises. Among the bank's clients are the Pulkovo Airlines company, the Baltika brewery and the Petrov Trade House.