Bank of Russia: On appointment of provisional administration

OREANDA-NEWS. In compliance with Clause 2 of Article 189²⁶and Articles 189³¹, 189³², and 189³⁵ of the Federal Law ‘On Insolvency (Bankruptcy)’ and following the revocation of the banking licence from the Moscow-based credit institution joint-stock company Commercial Bank PRISCO CAPITAL BANK or JSC CB PRISCO CAPITAL BANK (Bank of Russia Registration No. 2537, date of registration — 21 October 1993) (Order No. OD-2079, dated 29 June 2016) the Bank of Russia decided (Order No. OD-2080, dated 29 June 2016) to appoint from 29 June 2016 a provisional administration to manage the credit institution joint-stock company Commercial Bank PRISCO CAPITAL BANK for a term in accordance with the Federal Law ‘On Insolvency (Bankruptcy)’ until the arbitration court adjudication on the recognition of bankruptcy and initiation of bankruptcy proceedings (appointment of a receiver) or until the arbitration court adjudication on the appointment of a liquidator becomes valid.

Valery Budarin, chief economist of the financial monitoring of banking activity, financial markets and currency control section of the Tula Regional Division, has been appointed as a head of the provisional administration of the credit institution joint-stock company Commercial Bank PRISCO CAPITAL BANK.