JSC JSCB International Financial Club approved its 2020 development strategy under which it will receive a capital boost of 2.8 billion Russian rubles, Kommersant reported Jan. 31.
As part of the recapitalization, the 47% stake held in the lender by Onexim Group and its owner Mikhail Prokhorov could increase to over 50%, so the group recently applied with the Russian competition regulator for approval to increase its holding in the lender, IFC Bank's management board head Igor Antonov said. He added that stakes held by other shareholders could also change, but he does not expect them to completely withdraw from the lender as the result of the planned capital boost and additional share issue.
The bank did not publish the details of the strategy, but market sources told Kommersant that the recapitalization is planned to be the only one during the strategy's three-year lifespan, as shareholders expect the lender to become financially self-reliant. Under the strategy, the bank and its unit Saint-Petersburg Commercial Bank Tavrichesky (joint-stock) will strive to generate a profit of around 6 billion rubles in 2020, moving from a financial boutique to a universal banking model.
In 2016 and 2017, the owners of IFC Bank spent around 20 billion rubles on providing financial assistance for the lender, Kommersant noted.
As of Jan. 31, US$1 was equivalent to 56.27 Russian rubles.
