Two banks may be removed from the list of systemically important banks, M.video-Eldorado wants to provide financial services: July 10

Russia

• The government has approved a bill to limit the time that a defendant can familiarize himself with a criminal case, Kommersant writes. There are currently no such restrictions at the legislative level, but it is proposed to introduce them: three months for the preliminary investigation and ten days for the inquiry.

Finance

• Banks associated with Yandex and Ozon took the lead this year in terms of deposit growth rates, RBC calculated. They can attract money from Russians at an accelerated pace by advertising on major platforms.
• The volume of the global venture capital market in the second quarter of 2024 grew by 7.9% compared to the first quarter and amounted to $65.7 billion, according to CB Insights data cited by Kommersant. At the same time, the number of transactions has decreased for the ninth consecutive quarter: in the second quarter of 2024, 6.2 thousand were made, which is 7.5% less than in the first quarter.
• By autumn, the list of systemically important credit institutions (SIC) may be significantly updated; in particular, several players that have been on the list for a long time will leave it. The Central Bank will consider excluding Raiffeisenbank and Rosbank from the list, writes Vedomosti.
• The authorities want to allow foreign banks not associated with hostile countries to open branches in Russia from 2024, Izvestia writes. The Ministry of Finance submitted a draft law with this proposal to the government in July.

Business

• Co-owners and top managers of Russia’s largest digital content distributor Zvonko Digital are increasing their shares in it and its related companies. Kommersant’s sources suggest that this could be done before the holding is sold.
• On July 2, M.Video-Eldorado filed an application with Rospatent to register two new trademarks: “M.finance” and “M.finance,” Vedomosti reports. Depending on the classes of goods and services, they can be used for issuing credit cards, investments, secured loans, banking, lending and online banking.