Amendments to Plan for Participation of State Corporation Deposit Insurance Agency in Bankruptcy Prevention Measures for JSC Econombank approved
On 14 December 2018, the Bank of Russia has approved amendments to the Plan for Participation of the State Corporation Deposit Insurance Agency (hereinafter, the Agency) in Bankruptcy Prevention Measures for Joint-stock Commercial Bank for Reconstruction and Development Econombank (investor is PJSC Metkombank), which include the financial rehabilitation plan.
According to the financial model envisaged by the financial rehabilitation plan, the bank will step up lending to legal entities and shaping a portfolio of securities. The plan also stipulates a set of measures to reduce problem debts of JSC Econombank.
As a result of bankruptcy prevention measures, the bank’s performance indicators will recover to the respective regulation values.
The investor also plans to merge with JSC Econombank.
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