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Russia’s Bank Jugra to convert $550 mln subordinate loans

August 15, 2016 | Prime

Russia’s Bank Jugra plans to convert U.S. $550.5 million of subordinate loans received from Cyprus-based Radamant Financial, through which Alexei Khotin owns 52% in the bank, and Dassault Ventures into shares, Vedomosti business daily reported on Friday citing President Alexei Nefyodov.

On Thursday, the bank said it plans to gather a shareholder meeting in mid-September, where the owners will decide on a share issue under a private subscription. Nefyodov told the business daily that the issue, whose volume will be clear after the meeting, will be bought by the current shareholders, and Khotin’s stake will be increased.

The bank’s capital of 13 billion rubles should be increased as Jugra’s loss amounted to 19.3 billion rubles since the beginning of the year. The bank had to form significant reserves against possible losses in January–March. In April–June the bank actively increased its collateral against the corporate credit portfolio, which took place during the central bank’s check of Jugra, Vedomosti reported.

Nefyodov said that the increase of the bank’s capital is a step to improve stability, and not the result of the regulator’s check. The prospectus of the share issue will be coordinated with the central bank, he told the business daily.

Company: BANK JUGRA

Full company namePUBLIC JOINT-STOCK COMPANY BANK «JUGRA»
Country of riskRussia
IndustryBanks

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