Source: Central Bank of the Russian Federation in English
Recapitalisation of JSC VOCBANK
The Bank of Russia approved the plan of its participation in bankruptcy prevention measures for Joint-stock Company Volga-Oka Commercial Bank (Reg. No. 312, hereinafter, VOCBANK). These amendments provide for the Bank of Russia to allocate 2.73 billion rubles for recapitalisation purposes. As a result, the Bank of Russia will become the owner of more than 99.9% of VOCBANK’s ordinary shares.
Following the Bank of Russia’s purchase of VOCBANK’s follow-on offering the latter will become compliant with capital adequacy ratios and capital buffers.
Measures already implemented under the Bank of Russia’s participation plan ensured the normal operation of VOCBANK.
The Bank of Russia is exploring the possibility of selling VOCBANK’s shares to interested investors in line with the duly established procedure.
12 July 2019
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