Potentsial Bank to be merged into Rossiisky Kapital Bank in rescue
MOSCOW. July 27 (Interfax) - Bank Potentsial (Zhigulevsk, Samara region), will be merged into Rossiisky Kapital, the Deposit Insurance Agency said.
The measure, part of the rescue plan for Potentsial, is to be completed before April 30, 2012.
Bank Solidarnost had previously been engaged in the Potentsial rescue. "The low quality of assets and the inadequate development of active operations due to the global financial crisis, made it impossible to put Potentsial on a profitable footing in a short period," the agency said, adding that the merger with Rossiisky Kapital would expedite achievement of that goal.
The Deposit Insurance Agency will provide a subordinated loan of up to 300 million rubles to Rossiisky Kapital for five years in order to boost capital of the post-merger bank and strengthen its lending position.
Rossiisky Kapital is currently integrating another rescued bank, Tarkhany .
Rossiisky Kapital was the 86th biggest Russian bank by assets according to the Interfax-100 list as of the end of the first quarter of 2011. Tarkhany was 330th biggest and Potentsial - 346th.
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