The Bank of Russia has announced the completion effective May 5 of Bank24.ru rehabilitation, the PR department of the Central Bank of the Russian Federation reported.
“In accordance with Article 6 of the Federal Law “On Additional Measures to Strengthen Stability of the Banking System during the Period until December 31, 2011” on December 3, 2008 the Bank of Russia approved a plan for participation of the Deposit Insurance Agency (DIA) in the measures to restore the financial strength of Bank24.ru, which was executed by DIA in cooperation with the investor (Probusinessbank)," the Bank of Russia noted.
The Deposit Insurance Agency (DIA) presented a report to the Bank of Russia on the completion of the measures taken to prevent bankruptcy of Bank24.ru, according to which all steps stipulated by the plan were taken. As a result, Bank24.ru stabilized operations, achieved seamless settlements on accounts of corporate and retail clients, execution of the bank’s obligations and compliance with all prudential provisions. The measures taken made it possible to eliminate reasons for measures to be taken to prevent the lender’s bankruptcy and finalize the conduct of said measures, the Bank of Russia pointed out.
Bank24.ru is a medium-sized regional bank based in Ekaterinburg. The bank is part of financial group Life that is led by its major shareholder, Probusinessbank. In its activity the bank focuses on services provided to households, small and medium-sized enterprises. The lender’s main specific feature is its focus on the promotion of high-tech products and services, and also 24-hour operations of all its divisions, except for the head office.
As Banki.ru data shows, as of April 1, 2011 the bank’s net assets stood at Rub 8.89 bln (229th place in Russia), the credit portfolio totaled Rub 1.67 bln and liabilities to households amounted to Rub 2.57 bln.
