CREDIT BANK OF MOSCOW’s capital up by USD 35mln
8 June 2011 - CREDIT BANK OF MOSCOW’s capital was increased by USD 35 mln (RUB 972.3 mln) by means of a subordinated loan.
The Bank of Russia acknowledged a loan raised by CREDIT BANK OF MOSCOW as a subordinated debt to be included in the capital of the Bank. 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 capital base and secure a high level of capital adequacy for its further development.
Upon inclusion of the subordinated loan in the capital, CREDIT BANK OF MOSCOW’s capital base will increase by 5% compared to 1 June 2011 and will exceed RUB 20 bln*.
It is worth reminding that during 2010 capital of the Bank was increased five times: by way of four subordinated loans from Wellcreek Corporation for the total amount of RUB 6 bln and by way of USD 20 mln subordinated loan from Black Sea Trade and Development Bank (BSTDB).
* According to RAS