PRESS: Transcapitalbank preparing new bailout plan for Investtorgbank

MOSCOW, Oct 19 (PRIME) -- Transcapitalbank is preparing a new bailout plan for Investtorgbank, and the Deposit Insurance Agency (DIA) is ready to study it and has prolonged a 19.5 billion ruble loan that Transcapitalbank was due to redeem recently, Kommersant business daily reported Thursday.

In October 2015, the DIA chose Transcapitalbank for a financial bailout of Investtorgbank and decided to allot 29.7 billion rubles for the bailout for 10 years. Transcapitalbank was expected to receive a 19.5 billion ruble 2-year loan to support its liquidity. Investtorgbank was expected to merge with Transcapitalbank by October 1, 2025.

“Transcapitalbank did not repay the loan. It asked to revise its conditions in connection with preparations of a new bailout plan for Investtorgbank,” one of the sources told Kommersant. Another source said the loan was extended for three months. “The DIA hopes to study the new bailout plan of Investtorgbank during this period. A further fate of the loan will be solved depending on results of the plan’s consideration,” he added.

Transcapitalbank confirmed that the loan was prolonged, but did not provide any reasons.

(57.2721 rubles – U.S. $1)

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