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Peresvet Bank bailout depends on sum of bond conversion

February 21, 2017 | Prime

The central bank has not decided yet whether to set Peresvet Bank, partially owned by the Moscow Patriarchy of the Russian Orthodox Church, for bailout; it will depend on the amount which creditors will agree to convert into subordinated bonds of the bank, a spokesperson for the authority told PRIME late Monday.

“The issue of financial rehabilitation of the bank with provision of financial help by the Deposit Insurance Agency (DIA) will be considered after conversion of a part of creditor demands into bonds of the bank,” the spokesperson said.

The central bank appointed the DIA as an interim administrator at Peresvet Bank on Monday. The order terminates activities of the previous interim administration which worked from October 21, 2016.

In December, the interim administration discovered a 35.082 billion ruble capital gap in the bank.

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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