The Deposit Insurance Agency (DIA) said that for the purpose of further development of Rossiysky Capital and Bank Tarkhany amendments were made to their rehabilitation programs.
“The amendments call for boosting the banks’ charter capitals via additional share issues: up to Rub 6.4 bn for Rossiysky Capital and up to Rub 2.8 bln for Bank Tarkhany," DIA said in a statement.
As the Deposit Insurance Agency (DIA) noted, the banks’ recapitalization will not result in higher rehabilitation costs, as this will allow the banks to repay most liabilities to DIA ahead of schedule. Moreover, the banks will have more opportunities for business expansion, which will contribute to the successful implementation of the banks’ rehabilitation programs. Also DIA will provide Bank Tarkhany with a Rub 700 mln subordinated loan that will enable the lender to bump up lending to the real sector and will ramp up the revenue base.
Upon execution of these measures DIA will review by the end of 2010 the possibility of reorganizing the banks, including through Bank Tarkhany’s takeover by Rossiysky Capital.
