The board of directors of Bank Rossiysky Capital (JSC) issued a preliminary approval for the Russian lender to receive financial assistance of up to 19.8 billion Russian rubles, it said Oct. 8.
The board also recommended that JSC DOM.RF Russia Housing & Urban Development Corp., which has been the sole owner of the bank since December 2017, approve the reduction of the lender's authorized capital by lowering the par value of its shares. Rossiysky Capital asked Dom.rf for financial assistance of 22.9 billion rubles in April, saying at the time that the capital boost would help it finance the implementation of its business strategy and comply with regulatory requirements.
As of Oct. 8. US$1 was equivalent to 66.65 Russian rubles.