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Jugra Bank abandons plans to be part of Russia's recapitalization program

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Jugra Bank abandons plans to be part of Russia's recapitalization program

said April 1 that it willnot participate in Russia's 1 trillion Russian ruble recapitalization program forlocal lenders.

The banksaid that with capital amounting to 65 billion rubles, it was "confident"in terms of the strength of its capital adequacy.

Jugrawas one of 27 lendersselected to participate in the program and was eligible to apply for up to 9.9 billionrubles in financing, Kommersant reportedApril 1. The lender initially wanted to take part in the recapitalization scheme,but Russian authorities asked it to make its ownership structure more transparent and reduce the value of loansissued to affiliated entities by April 1.

The newspaperalso noted that the central bank and the Russian Deposit Insurance Agency plan tolaunch an inspection of the lender April 4, focusing on its deposits. Jugra Bankhas been actively attracting household deposits, with their value doubling withina year to 165 billion rubles as of March 1, the news report said.

As of March 31, US$1 was equivalentto 66.87 Russian rubles.