Alfa-Bank’s losses come to 7.96 billion RUR in November 2008

Alfa-Bank sustained 7.96 billion RUR worth of losses in November 2008, Vedomosti reports. At the same time, the figure came to 103.7 million RUR in October 2008.

Alfa-Bank bought Bank Severnaya Kazna’s controlling shareholding on November 30, 2008, which is to result in loss of independence by the latter.

An Alfa-Bank representative quoted by the newspaper explained that the decrease in profits had to do with having to build up on the lending portfolio reserves and to reassess the cost of the business’s securities.

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