On results of inspection of financial standing of Commercial Bank Russky Slaviansky Bank (Joint-Stock Company), or BANK RSB 24 (JSC) by provisional administration

The provisional administration of BANK RSB 24 (JSC) appointed by Bank of Russia Order No. OD-3096, dated 10 November 2015, revealed that the main reason that the bank’s asset value was insufficient to fully meet creditor’s claims were operations carried out by the bank’s management and owners, which bear the evidence of moving out assets through lending to borrowers with dubious creditworthiness, together with loan assignment contracts worth more than 2.6 billion rubles. As a result, bank’s liquid assets were replaced with assets bearing no value.

According to estimates by the provisional administration, the asset value of BANK RSB 24 (JSC) does not exceed 35 077.8 million rubles, while its liabilities to creditors amount to 39 293.8 million rubles.

On 26 January 2016, the Court of Arbitration of the city of Moscow took a decision to recognise BANK RSB 24 (JSC) insolvent (bankrupt) and initiate bankruptcy proceedings with the state corporation Deposit Insurance Agency appointed as a receiver.

The Bank of Russia submitted the information on financial transactions bearing the evidence of the criminal offence conducted by the former management and owners of BANK RSB 24 (JSC) to the Prosecutor General’s Office of the Russian Federation, the Ministry of Internal Affairs of the Russian Federation and the Investigative Committee of the Russian Federation for consideration and procedural decision making.

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28.09.2016 00.00.00