> Daily news > Alfa-Bank cant decide Bank Severnaya Kaznas future

Alfa-Bank cant decide Bank Severnaya Kaznas future


17.02.2010. : public
Alfa-Banks top executives still cannot decide what to do with their new asset, Bank Severnaya Kazna, Alfa-Banks COO Valeriy Novikov announced in the course of an online conference held by the two banks. The conference was broadcast via Alfa-Banks official website.


We have to options to choose between: liquidation or a merger. The final decision will be taken by April 1, 2010, this is the deadline stated in the banks financial recovery schedule, Novikov explained when asked by a reporter.


Yekaterinburg-based 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.


The new owner decided that Bank Severnaya Kazna should close down, so the banks business activity is gradually diminishing at the moment.