Sovcombank allocated 1% of assets – Kommersant
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On September 22, Sovcombank clarified to Kommersant that the volume of assets blocked as a result of sanctions restrictions, allocated into the new company will amount to about 1% of the credit institution’s total assets as of June 30, 2023. Thus, we are talking about 24.4 billion rubles.
The share turned out to be small, the bank explained, because “many loans in foreign currency were issued within the Russian Federation to domestic companies or legal entities from friendly countries.” “The spin-off will have a minor impact on capital, since the regulatory relaxations of the Central Bank made it possible not to create significant reserves for blocked assets,” Sovcombank added.
The process of reorganizing the bank in the form of spinning off LLC “Promotion of International Settlements” was completed on September 15. It took place within the framework of 292-FZ. According to Delcredere lawyer Karina Annenkova, in accordance with the law, banks can transfer assets frozen due to restrictions to a new legal entity, and at the same time liabilities in the form of obligations to foreign creditors.
Read more in the material “Sovcombank handed over part of its balance”.
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