On Saturday a branch of the "Menatep Saint Petersburg" bank is to be opened in Ulan Bator. This is the first Russian bank to commence operations in the Mongolian financial market. Viktor Vasiliyev, counsellor to the bank's chairman of the board informed RIA Novosti that presently the "Menatep Saint Petersburg" bank was one of the largest Russian banks and its charter capital amounted to USD 45 million. Bank has 58 branches in the territory of Russia and opens its first foreign branch in Mongolia. According to Vasiliyev, the objective of the branch is to service Russian companies operating in Mongolia as well as some Mongolian-Russian joint ventures. The opening of a "Menatep Saint Petersburg" branch in Ulan Bator found support among Mongolian business circles. According to a representative of the bank, they welcomed the establishment in the country of a representative office of one of the largest Russian banks which offered a complete range of services to legal entities. In addition to that, in his opinion, the bank was to establish a link between Mongolian and Russian businessmen and to give additional impetus to the development and strengthening of financial and economic relations between the two friendly countries.