CFO: Promsvyazbank sees no outflow of client money in Aug

MOSCOW, Aug 29 (PRIME) -- Russia’s Promsvyazbank expects no significant outflow of client money from the bank in August and forecasts no problems with financial stability, CFO Vladimir Mamakin told reporters on Tuesday.

Earlier in August, an analyst at managing company Alfa-Capital in a client letter warned of problems in Otkritie Financial Corporation (FC) Bank, B&N Bank, Credit Bank of Moscow and Promsvyazbank, saying that the banks’ problems may be solved in autumn. The Federal Antimonopoly Service issued a warning to Alfa-Capital as it discovered signs of unfair competition in the letter.

“We expect no unforeseen significant outflows of clients from the bank in August,” Mamakin said, adding that the bank is operating as usual and may see either a small increase or a decrease of clients’ funds in August.

The situation in the bank is formed by a combination of events, not just a single piece of news. “The current market volatility is forming our situation. In general, we in the bank think that it is stable and no reports and rumors can hurt it,” he said.

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