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Ford considers opening subsidiary bank in Russia

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MOSCOW, May 3 (RIA Novosti) - A financial department of America's Ford Motor Company is considering opening a subsidiary bank in Russia, a Russian parliament member said Thursday.

Anatoly Aksakov, deputy chairman of the State Duma Committee for Credit Organizations and Financial Markets, said he learned about the car manufacturer's plans to open a subsidiary bank in Russia during a meeting with Ford representatives within the framework of the U.S.-Russia Business Council in Washington.

Ford, which was the first foreign car maker to manufacture vehicles in Russia, has a plant near Russia's second city, St. Petersburg, and produces about 75,000 cars a year, mainly the Focus model.

Earlier Henrik Nenzen, the president of Ford Russia, said the company intends to open seven new plants in Russia and reach annual production capacity of over one million cars after 2010.

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