Rus News Journal

VTB and ASV the State bank VTB and state corporation " have signed the agreement on the help to Bank of Moscow

; Agency on insurance of contributions (ASV) have signed today the general agreement on rendering assistance to Bank of Moscow. As they say in joint a press - release, in the document are defined an order and conditions of interaction of the parties at performance of the plan of measures on financial improvement of capital bank.
According to the plan of structure of the second-large bank of the country (Joint-Stock Company VTB the Debt centre and Open Company VTB the Pension manager ) They will spend increase in an authorised capital stock of Bank of Moscow approximately on 100 mlrd rbl. will develop the detailed plan of financial improvement of bank. And after the State Bank and its structures accumulate the necessary majority of actions of problem capital bank, ASV will give to Bank of Moscow the financial help on 295 mlrd rbl.
the Specified means will be used for plan performance on financial improvement of the credit organisation.
bank VTB has started to establish control over Bank of Moscow in the end of the last year after the command of new capital mayor Sergey Sobjanina has decided to sell a city share in bank. However this idea has pleased to management of the Moscow bank not, and within many next months the head of bank Andrey Borodin and its command furiously resisted to absorption from the State Bank. When struggle has been lost, and a part of the former managers ran to London, was found out that many credits are given out on affilirovannye with And. Borodinym the companies also are almost transient.
on this background the decision on sanitation of Bank of Moscow for the state account was accepted. For this purpose the Central Bank will print additional almost 300 mlrd rbl. which will give out ASV under 0,5 % annual. The agency, in turn, will give this money as the provided credit under the rate of 0,51 % annual for the term of 10 years. Thus the basic shareholder of Bank of Moscow - VTB - will increase a bank authorised capital stock on 100 mlrd rbl.
Bank of Moscow is registered in 1994. As the joint-stock commercial Moscow municipal bank - Bank of Moscow, which controlling interest belonged to the government of Moscow. With 2004. The bank is called as Open Society Joint-stock commercial bank Bank of Moscow . On February, 22nd 2011. VTB became the largest shareholder of Bank of Moscow, having bought from the capital government of 46,48 % of actions of bank and 25 - a percentage package Capital insurance group owning 17,32 % of actions of bank. And on July, 15th 2011. VTB has reached the basic agreement with other shareholders of Bank of Moscow about consolidation more than 75 %.