Activity of provisional administration to manage ENERGOMASHBANK terminated

On 17 September 2021, the Bank of Russia terminated the activity of the provisional administration¹ appointed to manage the credit institution ENERGOMASHBANK Plc (hereinafter, the Bank).

According to the assessment of the provisional administration, the value of the Bank’s assets is insufficient to fulfil its obligations to creditors.

On 3 September 2020, the Arbitration Court of St Petersburg and the Leningrad Region recognised the Bank as insolvent (bankrupt) and initiated a bankruptcy proceeding against it. The State Corporation Deposit Insurance Agency was appointed as receiver.

Further information on the results of the activity of the provisional administration is available on the Bank of Russia website.

Settlements with the Bank’s creditors will be made in the course of the bankruptcy proceeding as the Bank’s assets are sold (enforced). The quality of these assets is the responsibility of the Bank’s former management and owners.

¹ The provisional administration was appointed by Bank of Russia Order No. OD-1113, dated 9 June 2021, following the revocation of the Bank’ banking licence.

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17.09.2021 17.00.00