Avtovazbank buys 18.4 bln rbl overdue loan from Bank Sovetsky - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Avtovazbank buys 18.4 bln rbl overdue loan from Bank Sovetsky

MOSCOW, Jul 4 (PRIME) -- RussiaТs Avtovazbank bought bad assets of Bank Sovetsky, the license of which was revoked on Tuesday, including an 18.4 billion ruble overdue loan to defunct Tatfondbank, Maxim Osadchy, director of the research department at Corporate Finance Bank, told PRIME on Wednesday.

The assets also include a 17.6 billion ruble credit portfolio that comprises loans, 80.1% of which are partially or completely overdue, he said.

The central bank launched a bailout of Bank Sovetsky, ranked 111th by assets as of June 1, through the Banking Sector Consolidation Fund in February, but it revoked the bankТs license on Wednesday as further bankruptcy prevention measures for the bank would become too costly without guaranteeing a positive result. The regulator also plans to transfer part of assets and liabilities of Bank Sovetsky to another bank that will continue servicing SovetskyТs clients.

(63.2194 rubles Ц U.S. $1)

End

04.07.2018 18:38
 
 
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