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Russian regulator picks Sobinbank to rescue Crimea-based GENBANK

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Russian regulator picks Sobinbank to rescue Crimea-based GENBANK

The Central Bank of the Russian Federation and the Deposit Insurance Agency invited Joint Stock Bank Sobinbank to act as an investor in JSC GENBANK, a lender operating in Russia-annexed Crimea.

The transfer under the control of Sobinbank is aimed at enhancing GENBANK's financial stability, taking into account its importance in Crimea and the city of Sevastopol, the central bank said Aug. 10. Sobinbank noted the same day that the financial stability measures are meant to improve the quality of GENBANK's assets and bring its activities in line with regulatory requirements.

GENBANK, in which the authorities of Crimea and Sevastopol own a 50% stake, was placed into provisional administration until it is taken over by Sobinbank to ensure its uninterrupted operations.

GENBANK, Sobinbank and Sobinbank's parent BANK ROSSIYA have been operating under Western sanctions imposed after the 2014 annexation of Crimea by Russia.