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Report: Russia OKs ownership changes at Rossiysky Capital

The Russian government approved details regarding the transfer of BANK ROSSIYSKY CAPITAL (PJSC) from the Russian Deposit Insurance Agency, which is the current owner of the lender, to JSC The Agency for Housing Mortgage Lending, Kommersant reported March 29.

The ownership changes are expected to be completed within three to six months, during which the bank will have to restore its financial parameters and resolve the issue of problem assets on its balance sheet, the newspaper said. The DIA will recapitalize the lender to the tune of 50 billion Russian rubles in order to form provisions for its problem assets, it added.

The bank is also set to receive 14 billion rubles in the form of government bonds for the completion of projects carried out by construction holding SU-155 Group, the financial recovery of which is overseen by Rossiysky Capital, Kommersant noted.

The transfer of the bank to AHML could put the DIA's current development strategy into question, while the 50 billion rubles recapitalization might not be sufficient and the lender could require further funding in the future, the newspaper cited local analysts as saying.

As of March 28, US$1 was equivalent to 56.86 Russian rubles.