Alfa-Bank expected Bank Severnaya Kazna to lose 4.5bn

The losses incurred by Bank Severnaya Kazna were actually planned by the management of Alfa-Bank, the new owner of the business, Alfa-Bank’s Chief Operating Officer Valeriy Novikov announced in the course of an online conference held by the two banks.


‘Bank Severnaya Kazna’s financial performance indicators look just like we expected them to,’ he said.
In fact, Bank Severnaya Kazna’s losses increased by 2,944,317,000 RUR, or 187.13% last year compared with the year 2008. The bank’s net loss amounted to 1,563,449,000 RUR at the end of 2008 and to 4,517,766,000 RUR at the end of 2009.


Bank Severnaya Kazna found itself on the brink of bankruptcy late in 2008 and had to undergo a financial recovery procedure. The procedure was carried out by Alfa-Bank and Deposit Insurance Agency.


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