Insurer American International Group Inc. and a consortium of Western and Russian partners are opening Moscow's first joint-venture investment bank. Engineered by aig Chairman Maurice R. Greenberg and approved by Russian President Boris N. Yeltsin on Oct. 26, the partnership includes the nation's gas industry, military pension fund, and several energy-producing regions. Western backers include broker Smith Barney, Chemical Banking, and the British-American investment banking partnership of J. Roths-child, Wolfensohn. The bank will target Russia's ailing defense and energy industries as prime candidates for restructuring and foreign capital.
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