Source: Central Bank of the Russian Federation in English
Financial resolution measures for PJSC KRI BANK
The Bank of Russia has approved amendments to the plan for the State Corporation Deposit Insurance Agency (hereinafter, the Agency) to participate in bankruptcy prevention measures for Public Joint-stock Company Krasnodar Regional Investment Bank (hereinafter, the Bank), including the plan for the Bank’s financial resolution.
Together with RNCB Bank (PJSC) (hereinafter, the Investor) the Bank has planned to increase lending to small and medium-sized enterprises, as well as mortgage lending in the main region of the Bank’s operations. The Bank also expects that customer funds (primarily, household deposits) will post moderate growth.
According to the financial model stipulated in the financial resolution plan, the value of the Bank’s equity capital will have become positive by mid-2023.
The participation plan also provides for a merger of the Bank with the Investor in 2023. After the reorganisation, the joint bank will comply with all Bank of Russia required ratios.
14 December 2018
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