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11/07/2014
14:08
M&A: Gleb Fetisov suggests buying out all My Bank assets

Gleb Fetisov's lawyers will approach the Deposit Insurance Agency proposing the businessman acquires all the bank's assets out of the bankruptcy estate, no matter what they may cost, Fetisov's Press Secretary informed.

The lawyers intend to make such offer on July 10, 2014 at the first meeting of My Bank's creditors. Mr. Fetisov is ready to buy out all the bank's assets that will be transferred to the bankruptcy estate during to the bank's liquidation procedure and that the Deposit Insurance Agency acting as the insolvency administrator is obliged to dispose of to repay the bank's debts to the customers.

The statement recalls that Fetisov is charged with fraudulent activities in respect of the property of My Bank which it beneficially owned until November 19, 2013. During the investigation, the damage was estimated at RUB 555 million. Fetisov was detained on February 28, 2014 upon his arrival in Russia and was taken into custody on the same day.

My Bank (Ltd) (tax number: 7714014756) is a universal commercial bank established in 1993. Its authorized capital is was RUB 524.1 million. The bank's regional network consists of branches in Voronezh, Irkutsk, Rostov-on-Don, Belgorod, Kemerovo, Tver, Murmansk, Chelyabinsk, along with 10 satellite offices in Moscow.

In 2013, the My Bank group united My Bank (Ltd), My Bank.Novosibirsk (OJSC), and My Bank. Mortgage (OJSC).

On January 31, 2014, the Bank of Russia revoked the license from My Bank (Ltd). This decision was motivated by the credit institution's failure to comply with the federal laws regulating the banking sector and the Bank of Russia's regulatory acts, the proved facts of major reporting errors (wrong data), the failure to meet the creditors' requirements in terms of payables as well as the repeated application of measures provided for by the Federal law "On the Central bank of the Russian Federation (Bank of Russia)" within one year.

My Bank pursued a highly risky lending policy providing loans which did not generate cash flows. The credit institution's liquidity losses prevented it from meeting its obligations to the creditors and depositors on time. The bank's management team and owners would not take measures to ensure its operations, including the economic conditions for the Deposit Insurance Agency's participation in the turnaround plan.

As of January 1, 2014, My Bank ranked 181st among Russian banks in terms of asset size. The bank is a member of the deposit insurance system.




"AK&M", 11.07.2014

 

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