TheCityUK leads commitment to aid Moscow’s development as financial hub
TheCityUK, the independent body promoting UK-wide financial and related professional services, today announces it will sign a Memorandum of Understanding (MoU) with Moscow to help the capital city develop as an international financial centre in the Russian Federation.
Set to provide a blueprint for Moscow’s evolution to achieving its goal of becoming a financial centre, this trilateral agreement will be signed on Monday in Moscow by TheCityUK, the Russian taskforce, which was set up by the government to promote the financial centre and Vnescheconom Bank, the State Bank for Development and Foreign Economic Affairs, to coincide with the visit of Prime Minister, David Cameron to Russia.
Established by President Medvedev, the taskforce is led by Alexander Voloshin. Under the agreement Voloshin and the Lord Mayor will jointly chair a Liaison Group to spearhead this initiative. Following an inaugural meeting of the Liaison Group in June, the signing provides the catalyst for ongoing development of several areas in Moscow’s development, including workstreams around Alternative Dispute Resolution, Securities, Derivatives, Regulatory, Public Private Partnerships and Branding, Marketing & Communications.
Endorsing the collaboration, Chris Cummings, CEO of TheCityUK commented, “The signing of this agreement confirms the wider commitment, not only from Russian stakeholders, but in garnering the widespread support of the international business community towards Moscow’s developments as a financial centre. As an established global centre itself, London has much to share in terms of expertise and experience. TheCityUK is looking forward to playing a key role in supporting Moscow at this pivotal time and working together to the benefit of the UK financial and professional services sector.”
Leading the taskforce, Alexander Voloshin added, “The UK and Russia have always had strong commercial ties and this is a landmark development which will provide fresh opportunities between the two nations. As one of the key global financial centres, the UK has recognised the role of the financial services sector in contributing to future economic growth. Likewise, Russia is committed to providing ongoing support and resources in order to promote Moscow’s wider value overseas and secure its future success.”
For further information please contact:
Paul Marriott/Caroline Parker
Financial Dynamics
Tel: 07710 426 131/07930 194 216
