MOSCOW Feb 13. INTERFAX - Russian Finance Minister Alexei Kudrin said he approves of granting foreign capital access to the Russian banking system, but only if subsidiaries are set up.
"Russian banks are becoming evermore attractive. The investment market will grow and our demand for banking services will increase as the pace of economic growth quickens," he said.

If foreign capital enters the Russian banking system in the form of subsidiaries, it will not create any obstacles for the development of such subsidiaries, the minister said.

However, Kudrin said he does not consider plans to allow foreign banks to set up their branches in Russia as relevant. "I know the position of foreign business: operations within the framework of 100% subsidiaries do not hamper development. It is a serious argument," he said.