Sovcombank completed the separation of blocked assets into a separate legal entity
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Sovcombank completed the separation of blocked assets and liabilities into a separate legal entity, with link Kommersant writes to the bank’s press service.
Funds and liabilities were transferred to the balance sheet of LLC “Promotion of International Settlements”, the founder of which is the ANO for promoting the social inclusion of people with disabilities “Space of Equal Opportunities” (Everland project). The process was completed on September 15. An extraordinary meeting of the bank’s shareholders approved the reorganization in September 2022.
Sovcombank emphasized that the organization is in no way connected with the bank and is not under sanctions. The credit institution expects that this will simplify work with creditors to resolve obligations. The ANO told the newspaper that they plan to use the funds received as part of working with creditors “to improve the social integration of people with various types of disabilities.”
Sovcombank did not report the volume of allocated assets, but noted that the bank complied with the requirement of 292-FZ to the extent that the value of the transferred property must be equal to the value of the transferred liabilities. The newspaper’s source suggested that the bank could have a disproportion and the volume of blocked assets exceeded liabilities, so the organization could withdraw only the amount for which there were enough liabilities.
In the summer of 2022, Russian President Vladimir Putin signed a law that allows sanctioned banks to reorganize in order to create a new legal entity where frozen assets will be transferred. It is also planned to carry out settlements with foreign clients through the new structure. Banks have this right There is until the end of 2024
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