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Russia’s DIA to receive stake in troubled Peresvet Bank

January 31, 2017 | Cbonds

The shareholders of troubled Peresvet Bank, Russia’s 43rd largest bank by assets, have approved boosting the capital by 5.8% through selling 319,800 additional shares to the Deposit Insurance Agency (DIA), the bank said in a report Tuesday.

The owners also decided to send the bank’s undistributed profit of almost 150 million rubles to cover its losses.

Peresvet Bank, which numerously defaulted on its securities, said in January it could consider offering bonds soon. Central Bank First Deputy Chairman Vasily Pozdyshev said then the bank’s creditors are ready to convert their loans into the bank’s subordinated bonds.

The central bank appointed an interim administration at Peresvet Bank for six months in October 2016 and it is now discussing a bailout of the bank with Peresvet Bank’s creditors.

In December, the interim administration discovered a 35.082 billion ruble capital gap between the bank’s assets and liabilities.

Company: Peresvet Bank

Full company namePublic Joint Stock Commercial Bank for Charity and Spiritual Development of Fatherland «PERESVET»
Country of riskRussia
Country of registrationRussia
IndustryBanks

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