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Report: Bank Rossiysky Capital mulls capital reduction

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Report: Bank Rossiysky Capital mulls capital reduction

Bank Rossiysky Capital (JSC) will reduce its authorized capital to 10 billion Russian rubles by lowering the par value of its shares by about 600,500 rubles to 125,000 rubles apiece, news agency Prime reported Dec. 11, citing the lender's regulatory filing.

The bank, which is controlled by JSC DOM.RF Russia Housing & Urban Development Corp., reportedly said that the reduction of the authorized capital is of a technical nature and is part of its financial recovery process.

The value of the authorized capital of the lender currently amounts to 58.04 billion rubles, according to information on the Russian central bank's website.

Russia bailed out Bank Rossiysky Capital during the financial crisis of 2008. The bank was controlled by the Russian Deposit Insurance Agency until December 2017, when it was taken over to Dom.RF. The central bank expects that the financial recovery of the lender will be completed in 2025, Prime noted.

As of Dec. 11, US$1 was equivalent to 66.47 Russian rubles.