Bashinvestbank will join Binbank

Elvira Latypova

The Federal Antimonopoly Service (FAS) of Russia approved joining of Joint-Stock Company Closed "Bashinvestbank" to JSC "Binbank", "Business TASS" informs referring to FAS of Russia.

In the autumn of 2012 the Board of Directors of Deposit Insurance Agency confirmed new amended plan of financial improvement of Bashinvestbank. According to it Bashinvestbank joins to Binbank in 2013.

From the beginning of November, 2008 Bashinvestbank experiences problems with liquidity. The credit organisation declared an overdue in execution of its current obligations. In the end of 2008 the Central Bank of Russia made a decision to apply measures on financial stability support in relation to Bashinvestbank.

Binbank purchased 76 percent in the authorised capital of Bashinvestbank. The transaction was carried out at support of the Central Bank, National Bank RB and Deposit Insurance Agency.

Binbank for the first time acted as turnaround manager of the banking system, and Bashinvestbank became the first bank in Bashkortostan which undergone a turnaround procedure, the webportal Banki.ru marks.

Joint-Stock Company Closed "Bashinvestbank" is the assignee of "Bashinvestbank" LLC. The rorganisation took place on July 13, 2012.

#banks #reorganisation

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