Word: wozchod
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Dates: during 1966-1966
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Sunrise Serenade. The Zurich bank, which occupies sleek second-floor offices on the Schützengasse, is a Swiss-chartered joint stock company with initial assets of $2.3 million. It has been christened Wozchod Handelsbank, or Sunrise Commercial Bank; Chairman Albert Nikolaevich Belishchenko, 36, a career banker who was formerly vice-director of Moscow's Gosbank, says the name refers to the spaceships that the Russians launched in 1964 and 1965. Belishchenko takes pains to allay Swiss fears that Moscow will use the bank to dump gold and otherwise disrupt the tiny nation's financial ties to other...
...Wozchod bank, financing exports from Switzerland, Italy, West Germany and Scandinavia, will thus parallel the activities of Russian banks already established in the West. The biggest of these is the Narodny Bank of London, established in 1911 and now the busy occupant of an eight-story building in London's City. The Narodny bank does 90% of its business in East-West trade transactions, discounts (at a fat commission) bills of sale of Western exporters who have shipped East; by doing so, it saves them a three-to six-month wait for money and makes trade with the East...
...operate the Banque Commerciale pour 1'Europe du Nord in Paris. Founded in 1921 by expatriate White Russians, the B.C.E.N.-as Parisians call it-was sold to the Communist government in 1925, has since become a major Paris bank and has assets of $624 million. Like the new Wozchod bank in Switzerland, the B.C.E.N. operates with a mainly local board; the president is Guy de Boysson, 45, a French nobleman who once held Communist Party membership...
...accumulated Western currencies on its own, now has a joint International Bank for Economic Cooperation. The bank operates as a kind of Communist central bank, switches currencies among member countries in order to improve trade. The bank's delegates will soon arrive in Zurich to confer with the Wozchod bank with a view to stimulating such trade even more...