’s recovery to carry on next year

28 January 2010 (16:20)

‘Our goal was to undertake the financial recovery of banks with some liquidity shortage but functional business processes and capable of making profit. However, it is only Gazenergobank that has shown some signs of final recovery this year,’ Vice President for Credit Risks of Life Group’s Probusinessbank Yaroslav Alekseyev said to Kommersant.

For one,, which was faced with a severe liquidity outflow at the end of 2008, was unable to cope with its problems itself and had to undergo financial recovery procedures. The bank was acquired by Probusinessbank (Life Financial Group); the new owner is currently cooperating with Deposit Insurance Agency State Corporation to improve this Yekaterinburg-based bank’s state of affairs.

The spokesperson for Deposit Insurance Agency informed UrBC that has already paid off 0.56 billion RUR worth of its main debt and 0.34 RUR of interest stemming from the loan issued to recover the business.

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