Financial sanation of Investtorgbank to be carried out with participation of Rossiysky Capital Bank - Central Bank
MOSCOW. Sept 21 (Interfax) - The Central Bank of Russia on Monday confirmed the changes in the plan for participation of the Deposit Insurance Agency (DIA) in carrying out measures for preventing the bankruptcy of Investtorgbank , the Central Bank said in a statement.
At the initial stage Rossiysky Capital Bank will be brought in as an investor, the regulator said.
Investtorgbank was presented with funds for the support of liquidity in an amount that was sufficient for guaranteeing the uninterrupted work of the bank and the resumption of timely transactions with creditors, the press release said.
Later DIA will hold a tender for the selection of an investor for carrying out measures for the financial sanation of the bank.
The selection of the investor will take place on October 9, 2015. Rossiysky Capital will take part in the competition on a non-preferential basis. Under the financial recovery plan, Investtorgbank's capital will be reduced to its actual size (or 1 ruble if capital is negative), to be increased subsequently by the investor, DIA said in a press release.
In the first half of August, Investtorgbank bank shareholders met with Central Bank Deputy Governor Vasily Posdyzhev, Investtorgbank said in a press release. The meeting discussed the outlook for development of the banking market overall and Investtorgbank's growth strategy given today's challenging macroeconomic situation. Notably, Investtorgbank said, the meeting touched on "a change in the bank's growth strategy in accordance with its financial recovery program."
Later, in an interview with Interfax, Investtorgbank President and co-owner Vladimir Gudkov said the meeting went over the results of the Central Bank's audit and the issue of a new audit. Gudkov said foreign shareholders [the investment funds JCF FPK I AIV ITB and Starr Russia Investments III] were primarily interested in the Central Bank meeting, in order to "confirm that things are normal at the bank and that they can operate and take part in boosting capital."
On August 27, the Central Bank decided to put Investtorgbank and another bank in the ITB Holding, Vokbank, under the temporary administration of the DIA.
Investtorgbank was the 56th biggest Russian bank by assets as of the end of the first half of 2015 according to the Interfax-100 ranking compiled by the Center for Economic Analysis.
