Rustem Khamitov has discussed Sotsinvestbank financial recovery with Russian Capital Bank Chairman Mikhail Kuzovlev

UFA, 17 August 2015. /Bashinform News Agency, Iliya Spiridonov/. On August 17, the Head of Bashkortostan Rustem Khamitov met with the Mikhail Kuzovlev, the Chairman of the Joint Stock Commercial Bank "Russian Capital". The parties discussed the issues of PJSC Sotsinvestbank reorganization and measures to restore the operation of the financial institution.

As it was previously reported, the Government of the Republic of Bashkortostan filed a request to the Bank of Russia on the implementation of Sotsinvestbank rehabilitation.

“Sotsinvestbank is a large financial institution with 228,000 depositors, 12,000 legal entities. Today, the bank is in a difficult situation. Thank you for taking up this rehabilitation work”, Rustem Khamitov said.

According to Mikhail Kuzovlev, to date clients and depositors of the bank should not worry.

“Since today the Russian Capital Bank starts Sotsinvestbank’s restoration. What are we doing? We replenish the bank's liquidity. I think that today we will be able to restore the cards, tomorrow we will consider the "ATMs charging" issue, will open offices in order to be able to work with our customers,” said Mikhail Kuzovlev. All operational information about rehabilitation procedures will be posted on the Sotsinvestbank website and the Russian Capital Bank.

Mikhail Kuzovlev sees the cause of the financial institution insolvency in risky credit policy.

He considers Sotsinvestbank development prospects in an intense work with companies and organizations in Bashkortostan.

Recall that the reason for the Sotsinvestbank loss of solvency was revocation by the Bank of Russia licenses of counterparty banks for inter-bank lending transactions, where the Sotsinvestbank had kept a significant portion of the assets. Given the systemic importance of the bank for the republic, the Government RB and the National Bank RB addressed to the Bank of Russia on Sotsinvestbank financial recovery and activity restoration. Deposit Insurance Agency is imposed functions of the interim administration of the Bank. At the initial stage the Russian Capital Bank is involved, which is provided funds in an amount sufficient to ensure smooth operation and timely settlements with Sotsinvestbank creditors. The Agency will carry out competitive selection of an investor, which will offer the best conditions of financial improvement of PJSC Sotsinvestbank.