Russian banks to form ECA

10 Oct. 2005, RBC News, Moscow: Russia is proposing to merge Vnesheconombank and Roseximbank into a governmental specialized import and export bank. Meanwhile, HSBC Bank Plc may open a credit line of up to EUR 200 million to Vnesheconombank (VEB) on a security of the leading export credit agencies in Europe. As noted in our August 2005 What's New, environmental organisations have warned that major banks may be contravening their environmental and social policies, which in the case of HSBC includes the Equator Principles, by helping to finance controversial projects indirectly.