a joint-stock commercial bank in Zürich (Switzerland). Established in June 1966 with capital of 10 million Swiss francs. Capital was increased to 40 million Swiss francs in 1968. Face value of each share is 500 Swiss francs.
Soviet state organizations (including, among others, the Gosbank [State Bank] of the USSR, Vneshtorgbank [Foreign Trade Bank] of the USSR, and several Soviet foreign-trade associations) are the shareholders of the Wozchod Handels-bank. The principal task of the bank is to promote the development of trade relations of the USSR and other socialist states with the countries of the West. It performs all types of banking operations. It maintains correspondent relations with banks of socialist and many capitalist countries. The bank’s volume of credit and account operations is continually expanding. The total bank balance as of Jan. 1, 1971, stood at 370 million Swiss francs.
M. G. POLIAKOV