The Deposit Insurance Agency (DIA) has selected Rossiyskiy Capital to rehabilitate Sotsinvestbank. The Bank of Russia approved relevant amendments to the state-run corporation's plan of action to forestall Sotsinvestbank's bankruptcy, the Bank of Russia's press service reported.
"The plan of action suggests that an investor should gain control over the bank, and that the bank should go through reorganization by folding into Rossiyskiy Capital," the regulator specified.
Sotsinvestbank suspended operations in late July. As the lending institution explained, this occurred for technical reasons. The bank initially planned to reopen its branches on August 3, but it was later written on the bank's website that operations would remain suspended until August 6.
Since August 6, 2015 the Bank of Russia has provided the DIA with duties of the bank's temporary administration, setting as a priority the assessment of the lending institution's financial standing. Later the regulator reported that at the initial stage Rossiyskiy Capital would take part in rehabilitating the bank, and in the future a tender would be held to select an investor.
The DIA was reported to earmark Rub 8 bln to rescue the Ufa-based lender. Meanwhile, business daily Kommersant wrote that there were no banks willing to help out Sotsinvestbank, and under the circumstances the most likely bidder is Rossiyskiy Capital, a subsidiary of the DIA.
