MOSCOW, Feb 12 (PRIME) -- The shareholders of Moscow Industrial Bank, Russia’s 30th largest by assets, will make an un-remunerable 3.5 billion ruble contribution into the capital of the bank until the end of March money to develop its business and to raise loan provision, a representative of the bank told PRIME on Monday.
Maxim Osadchy, director of the research department at Corporate Finance Bank, said that banks use owners’ contributions to replenish capital and compensate the negative impact of losses on capital. The measure is rare because the central bank is not exactly happy when banks resort to it.
According to financial reports of Moscow Industrial Bank, its owners contributed 6.2 billion rubles to the bank’s capital in 2017, when it received a 4.6 billion ruble net loss as calculated under Russian Accounting Standards (RAS).
(58.1718 rubles – U.S. $1)
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