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Russian central bank extends Promsvyazbank's provisional administration

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Russian central bank extends Promsvyazbank's provisional administration

The Central Bank of the Russian Federation decided to extend the provisional administration of PAO Promsvyazbank by six months starting June 16.

The bank was placed under provisional administration in December 2017, with the central bank saying then that it will provide financial resources through its banking sector consolidation fund to bolster Promsvyazbank's liquidity, increase its financial stability and ensure continuity of services provided by the lender.

The regulator noted that all measures for Promsvyazbank's recapitalization to prevent bankruptcy have been fully completed and that the bank observes all capital adequacy requirements. Permanent management bodies will also be appointed to the lender in the near term, the central bank added.