Central Bank to transfer Moscow Industrial Bank to Promsvyazbank

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AK&M 04 May 2021 20:34

According to the prepared amendments to the federal laws, 100% of the shares in Moscow Industrial Bank will be transferred to Russia's Federal Agency for State Property Management (Rosimushchestvo) for subsequent transfer to Promsvyazbank, the Central Bank informed.

Moscow Industrial Bank's troubled and non-core assets will be transferred to Trust Bank Group until August 2021. The operation will be financed by the Bank of Russia's deposit amounting to no more than RUB 24.3 billion to be provided to Trust Bank.

Proceeds from the transaction will be transferred to Moscow Industrial Bank to repay the Bank of Russia's previous deposit amounting to RUB 22.4 billion. The deposit will be repaid within the timeframe stipulated by the contract in July 2021.