CREDIT BANK OF MOSCOW’s equity up by RUB 1.5bln
1 December 2010 – CREDIT BANK OF MOSCOW’s equity was increased by RUB 1.5bln by means of a subordinated loan.
The Bank of Russia (letter No 52-03-16/16289 dated 29.11.2010) acknowledged a loan raised by CREDIT BANK OF MOSCOW as a subordinated debt to be treated in full as additional capital. The loan was granted by Wellcreek Corporation, the main shareholder of "Rossium Concern", SLL. Rossium Concern is the sole shareholder of CREDIT BANK OF MOSCOW. This loan will augment 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 9% compared to 01 November 2010 and exceeded RUB 18bln.
It is worth reminding that this equity increase is the fifth in a row for 2010. On 31 May, 30 June 2010 and 25 August the Bank’s equity was increased by means of three subordinated loans for RUB 1.5bln each granted by “Wellcreek Corporation”. On 14 October 2010 CREDIT BANK OF MOSCOW’s capital was increased by USD 20mln by way of a subordinated loan from Black Sea Trade and Development Bank (BSTDB).