18 Oct 2022 17:18

Russia's CMRBank launches banking services in DPR, LPR

MOSCOW. Oct 18 (Interfax) - Russia's CMRBank has launched banking services in the Donetsk and Lugansk People's Republics (DPR and LPR) on the heels of Promsvyazbank , CMRbank said in a statement.

The bank has begun operations in the cities of Donetsk, Makeevka, and Lugansk, respectively. Clients can open accounts, render payments, seek advice on drafting contracts, and apply for loans, the bank said.

Promsvyazbank launched banking services in the DPR and LPR in June.

Founded in 2015, CMRBank works primarily with small- and medium-sized businesses, according to its website. In addition to the head office in Moscow, it has branches and additional offices in Rostov-on-Don, Taganrog, Belgorod, Simferopol, Dzhankoi, and Krasnoperekopsk.

JSC Forward owned CMRBank as of 2020, according to its Russian Accounting Standards (RAS) statements.

CMRBank's loan portfolio totaled 87.7 billion rubles at the end of September 2021, with profit totaling around 1.1 billion rubles.