The Arbitration Court of Moscow approved a peaceful settlement of a 10.6 billion ruble case by Bank Peresvet against Alfa-Bank on Monday.
A spokesman for Bank Peresvet said earlier that the two banks had signed forward deals for securities, including letters of exchange, bonds and Eurobonds of Russian companies.
Alfa-Bank demanded on October 20, 2016 that Bank Peresvet fulfill forward deals but Bank Peresvet was unable to do that because the central bank had imposed a moratorium on loan liabilities fulfillment. Alfa-Bank sold the securities acquired for Bank Peresvet and withdrew a guaranteeing deposit of 5.6 billion rubles.
Alfa-Bank issued a statement on Monday, saying that Bank Peresvet will buy out the letters of exchange not sold by Alfa-Bank on the market during closing of the deals at prices set by independent experts on the date of termination of liabilities between the sides. The rest of the aspects of the settlement have not been disputed.
|Peresvet is a Moscow-based bank that historically maintains business ties with the Moscow Patriarchate. First and foremost, the bank specializes in providing loans and maintaining accounts of large legal entities, including developer and real estate companies. The bank also renders services as part of government social programs.|