On bankruptcy prevention measures for JSC SM BANK

The Bank of Russia has decided to implement a number of measures aimed at improving the financial stability of Sevastopol-based JSC SM BANK (hereinafter, the Bank).

On 29 January 2020, acting in line with Article 189.49 of Federal Law No. 127-FZ, dated 26 October 2002, ‘On Insolvency (Bankruptcy)’, the Bank of Russia Banking Supervision Committee approved the plan for the State Corporation Deposit Insurance Agency (hereinafter, the Agency) to participate in bankruptcy prevention measures for the Bank.

In order to sustain the Bank’s activity and improve its financial stability, the Bank of Russia and the Agency will invite RNCB Bank (PJSC) to act as an investor.

By its Order No. OD-138, dated 29 January 2020, and in compliance with Article 189.26 of Federal Law No. 127-FZ, dated 26 October 2002, ‘On Insolvency (Bankruptcy)’, the Bank of Russia appointed a provisional administration represented by the Agency to manage JSC SM BANK.

No moratorium on payments under the claims of the Bank’s creditors is imposed. The Bank continues to operate in a business-as-usual manner, meeting its obligations and conducting further transactions.

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