Press Service

The Central Bank of the Russian Federation (Bank of Russia)

Press Service

12 Neglinnaya Street, Moscow, 107016 Russia;
www.cbr.ru

Information Notice

On measures to enhance financial stability of JSC GENBANK

The Bank of Russia decided to apply measures to enhance financial stability of the Simferopol-based JSC GENBANK (hereinafter referred to as the Bank), given that the Bank is important for the Republic of Crimea and the city of Sevastopol.

In order to sustain the Bank’s activity and enhance its financial stability, the Bank of Russia and the state corporation Deposit Insurance Agency will invite JSC Sobinbank, a member of BANK ROSSIYA group, to act as an investor in compliance with Article 189.49 of Federal Law No. 127-FZ, dated 26 October 2002, ‘On Insolvency (Bankruptcy)’.

By its Order No. OD-2251, dated 10 August 2017, and in compliance with Articles 189.25, 189.26 and 189.31 of Federal Law No. 127-FZ, dated 26 October 2002, ‘On Insolvency (Bankruptcy)’, the Bank of Russia appointed a provisional administration to manage JSC GENBANK for the period until the Bank is transferred to the investor in order to insure its uninterrupted operations. The Bank will continue its operations in a regular mode.

The measures to enhance financial stability will allow the Bank to expand lending programmes which are of priority importance for the Crimean economy and population and the scope of its banking services.

JSC GENABK was founded on 13 September 1993. The Bank’s infrastructure includes more than 100 structural divisions operating in almost every town of the peninsula.

10 August 2017

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