Central Bank decides on VUZ-Bank‘s turnaround company

13 August 2015 (09:15)

UrBC, Moscow, August 13, 2015. Russia‘s Central Bank appointed the Deposit Insurance Agency Life Group‘s temporary trustee in bankruptcy; the Group comprises Express Volga Bank, VUZ-Bank, Poidem, and Gazenergobank, the Central Bank's website states.

The banks' shareholders and managements will not have any powers until the trustee in bankruptcy has been through with the proceedings.

'The provisional trustee‘s primary task is to investigate the banks' financial situation. Following this assessment, which should provide figures as to the actual worth of assets and liabilities and bring the banks' authorized capitals to their actual value (down to 1 ruble when the quantity is negative). Then, investors will be chosen to prevent the banks' bankruptcy, with capitalization if necessary,‘ the website states.

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