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Russia's Alfa-Bank returns state aid ahead of schedule

JSC Alfa-Bank returned nearly 63 billion Russian rubles of government bonds it received in 2015 as financial assistance under Russia's bank recapitalization program.

The lender returned the financial aid ahead of schedule, saying it now meets all requirements of the Russian central bank regarding capital adequacy, with its N1 capital ratio of 15.02% exceeding the required minimum by almost 2x.

The bank noted that thanks to its important role in the market, it retained all privileges enjoyed by the participants of the bank recapitalization program, including the possibility of cooperating with state companies and the ability to attract budgetary funds.

Citing Russian Deputy Finance Minister Alexei Moiseev, said April 6 that part of the government bonds returned by Alfa-Bank, amounting to 14 billion rubles, could be used by the Russian government to recapitalize BANK ROSSIYSKY CAPITAL (PJSC).

As of April 5, US$1 was equivalent to 56.17 Russian rubles.