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11 Aug 2017, Radoslav Handzhiev, EMIS Editor

Crimean govt invites Sobinbank as systemic investor in Genbank

The government of Crimea, as a shareholder of Genbank, has decided to bring in Sobinbank, part of Bank Rossiya, as a systemic investor to bail out the lender, a spokesperson told Prime. This will follow Russia’s central bank temporary administration of Genbank in order to ensure its financial stability.

Bank Rossiya and the Simferopol based Genbank are both under Western sanctions. The measures to enhance financial stability will allow the Genbank to expand lending programmes of priority to the Crimean economy and population and the scope of its banking services.

The temporary administration, will not affect Gebank’s operations, until its takeover by Sobinbank, he added.

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