Recapitalisation of PJSC Moscow Industrial Bank (12.07.2019)

Source: Central Bank of the Russian Federation in English

Information Notice
Recapitalisation of PJSC Moscow Industrial Bank
The Bank of Russia approved amendments to the plan of its participation in bankruptcy prevention measures for Public Joint-stock Company Moscow Industrial Bank (Reg. No. 912, hereinafter, MInBank).
These amendments provide for the Bank of Russia to allocate 128.7 billion rubles for recapitalisation purposes. These funds are earmarked for purchasing MInBank’s follow-on offering, as a result of which the Bank of Russia will become the owner of more than 99.9% of MInBank’s ordinary shares.
Following the Bank of Russia’s purchase of MInBank’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 helped cease the outflow of the customers’ funds and ensure the normal operation of MInBank.

12 July 2019
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MIL OSI