17 september 2010

Prime Minister Vladimir Putin meets with Chairman and CEO of JPMorgan Chase & Co. James Dimon

Prime Minister Vladimir Putin expressed satisfaction with the scope of cooperation between JPMorgan Chase & Co. and its Russian partners, noting that in 2010 the bank has already attracted over 7 billion roubles in capital for Russian companies and helped them take advantage of its lending instruments, which have attracted $4 billion of new money. The prime minister also emphasised that the bank helped introduce modern management practices in the Russian economy.

Transcript of the beginning of the meeting:

Vladimir Putin: Mr Chairman, it is my pleasure to meet with you again. Your bank has been operating in this country since 1973. This is a long-standing relationship. It's good that you personally contribute to the development of cooperation with Russian partners.

Your bank cooperates with the largest Russian financial institutions, servicing money transfers in different currencies from Russia to the entire world. Last year you serviced money transfers worth $10 billion, to the best of my knowledge. This year your bank has already attracted over $7 billion in capital for Russian companies, which is a very good figure. Your bank has also helped them take advantage of its lending instruments, which have attracted $4 billion of new money. These results were achieved through our extensive cooperation.

This is in addition to what I already mentioned in my address at the forum - introducing modern management practices and the main principles of business culture through your relationships with Russian partners. This has also contributed a great deal to the development of the Russian financial market.

We are satisfied with the scope of our cooperation and wish you every success. We are happy to cooperate with you and hope you will build on your accomplishments in the Russian market.

James Dimon (back translation from Russian): Thank you very much for finding the time to meet today. We have been present in Russia for quite a long time, have worked here for a long time and are proud of it. We are happy to do something that can benefit Russia. We work with state-run companies and privately held companies in the oil and gas sector and in the infrastructure construction sector, helping them do business around the globe.

We hope we'll stay in Russia for a long time to come. I heard your address to the forum today. You spoke about plans for the future. They really left an impression on us. We hope that all these plans will become a reality.