UralTransBank’s Fund Deficit Doubles

17 January 2019 (09:27)

UrBC, Yekaterinburg, January 17, 2019. The negative balance of UralTransBank’s assets and liabilities reached RUB 909 million on December 20, 2018 (compared with RUB 560 million on the day the bank’s license got annulled), a bankruptcy proceedings report on the Bank of Russia’s website states.

It is reported that the fund deficit increased after the bank had paid out a portion of its outstanding loans and set up additional reserves for it.

Now Sverdlovsk Region Arbitration Court pronounced UralTransBank insolvent on December 20, 2018, and instituted bankruptcy proceedings for the business. The bank had been non-compliant with the Central Bank’s regulations for the previous eighteen months. The regulatory authority filed its claim for UralTransBank’s insolvency status on November 19.

Valery Zavodov, a businessman, is UralTransBank’s primary beneficiary. Zavodov owns a 37.78% stake in the business directly and has control over a much larger shareholding through his relatives and a number of limited liability companies.

The bank’s assets are currently estimated at RUB 7.149 billion, its liabilities at RUB 8.058 billion.

Other materials on the topic::