On financial resolution measures for JSCB Investtorgbank (PJSC)

On 12 July 2018, the Bank of Russia approved amendments to the plan for the State Corporation Deposit Insurance Agency to participate in bankruptcy prevention measures for Joint-Stock Commercial Bank ‘INVESTMENT TRADE BANK’ (Public Joint-Stock Company), further referred to as the Bank. These amendments include the updated version of the financial resolution plan, which does not provide for increasing the amount of funds allocated to the resolution of the Bank.

According to the new financial resolution plan, Public Joint-Stock Company TRANSKAPITALBANK will continue to act as the Investor.

The Bank and the Investor aim for balanced growth of the mortgage portfolio and development of the OFZ portfolio with the value equal to the financial support received from the Bank of Russia in order to create a reliable source for settling the Bank’s liabilities and receiving guaranteed interest. Under the financial model, outlined in the financial resolution plan, the Bank will become profitable in 2020.

A detailed plan for repaying the bad debt was developed, together with the measures for cutting operating costs and enhancing operational efficiency.

The reference to the Press Service is mandatory if you intend to use this material.