Bank of Russia takes measures to financially rehabilitate JSC GENBANK

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 JSC GENBANK (hereinafter, the Bank), including the plan for the Bank’s financial resolution.

The Bank and JSC Sobinbank (Investor) planned balanced growth in small and medium-sized business lending and retail lending in the main region of the Bank’s operation, formation of a portfolio of securities to be used to settle liabilities to the Agency and form the Bank’s equity capital.

According to the financial model stipulated in the financial resolution plan, the value of the Bank’s equity capital will have become positive by late 2029. As the period of bankruptcy prevention measures draws to a close, the Bank will become compliant with the required ratios established by the Bank of Russia.

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