CREDIT BANK OF MOSCOW increased its equity by RUR 602.5mln (USD 20mln)
25.10.2010
CREDIT BANK OF MOSCOW’s equity was increased by RUR 602.5mln by way of a subordinated loan from Black Sea Trade and Development Bank (BSTDB).
The Bank of Russia acknowledged a 7 year loan raised by CREDIT BANK OF MOSCOW as subordinated one to be included in full in the additional capital. The loan in the amount of USD 20mln (RUR 602.5mln) was granted by BSTDB. This loan will shore up the Bank’s equity and secure a high level of capital adequacy for its further development.
Upon inclusion of the subordinated loan in its additional capital, CREDIT BANK OF MOSCOW’s equity rose by 3.7% compared to 01 October 2010 and exceeded RUR 16.3bln.
Background
CREDIT BANK OF MOSCOW (open joint-stock company) was established in 1992. The Bank is among Top-35 largest Russian banks. CREDIT BANK OF MOSCOW is a universal commercial bank providing the spectrum of all banking products and services. The business of the Bank is concentrated in Moscow and Moscow region. The Bank’s network includes 50 offices, more than 360 ATMs and 1,330 payment terminals. Since 2004 the Bank has been a member of the Deposit Insurance System.
According to RAS the Bank’s total assets as of 1 July 2010 amounted to RUR 119bln having showed a 32% increase for 6m 2010.
The Sole Shareholder of CREDIT BANK OF MOSCOW is LLC “Rossium Concern”. The ultimate beneficiary of the Bank is Mr. Roman Ivanovich Avdeev.