CREDIT BANK OF MOSCOW’s equity up by RUB 1.5bln
25 August 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 52-03-16/11597 dated 23.08.2010) acknowledged a 10 year loan (due in 2020) 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 7% compared to 01 August 2010 and exceeded RUB 15bln.
It is worth reminding that this capital increase is the third in a row over the past 6 months. Two previous subordinated loans for RUB 1.5bln each raised from Wellcreek Corporation took place on 31 May and 30 June 2010.