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Bank of Russia okays amendments to its participation plan.

Moscow: The Bank of Russia okayed amendments to the plan of its participation in bankruptcy prevention measures for Public Joint Stock Company Bank Otkritie Financial Corporation, further referred to as the Bank.

The steps provide for LLC Banking Sector Consolidation Fund Management Company (further referred to as UK FKBS) to perform the functions of the provisional administration to manage the Bank. The mandate of the provisional administration UK FKBS inclusive of the recent changes in the bankruptcy law (enshrined in Federal Law No. 328-FZ, dated 25 November 2017) will enable the implementation of corporate procedures necessary to terminate (modify the nature of) the Bank's liabilities to its subordinated creditors, change the amount of its authorised capital and form its governing bodies.

These measures will enable to implement capital top-up processes within a shorter timeframe in an effort to bring the Bank into full compliance with overall Bank of Russia regulatory requirements.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Date:Dec 19, 2017
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