OREANDA-NEWS. December 30, 2008. Please be advised that according to the results of the bids held by the State Corporation Deposit Insurance Agency (DIA) the Bank of Moscow will start rendering services to the depositors of the Moscow Pledge Bank (MPB AKB ZAO) within the framework of the assigned obligations to individuals under bank deposit and bank account agreements.

The DIA will, within the framework of its powers as a receiver and the measures aimed at the transfer of a part of the Bank’s assets and obligations to a financially stable bank, assign the obligations to serve the depositors of the Moscow Pledge Bank to the Bank of Moscow. The DIA has selected the bank according to the rules set forth by federal law.

Under the agreement with the DIA, the Bank of Moscow will render a complete range of services to all the individual clients under bank deposit and bank account agreement with the terms and conditions of said agreement including the interest rates on and the terms of the deposits being intact.

The obligations to the total amount of 2 billion Rubles with due regard for accrued interest are assigned to the Bank of Moscow. The amount of obligations will be fixed as of end of December 31, 2008 to preserve the procedure for accruing interest under bank deposit (account) agreements.

The Bank of Moscow also accepts a part of the Moscow Pledge Bank’s assets in the form of the right to claim under mortgage and other credit agreements, and a part of the securities to an equal amount. The securities will be transferred at the market value and the credit portfolio will be transferred at the balance sheet value.

Thus, the depositors of the Moscow Pledge Bank will legally become depositors of the Bank of Moscow as of January 1, 2009.

The assign of the obligations to the depositors requires a number of technical and organisational operations including the transfer of the documents and accounting data from the accounting system of the Moscow Pledge Bank. In this connection the Moscow Pledge Bank will suspend its transactions until January 21 to start the provision of services through the existing network of the Bank of Moscow.

At the end of January 2009 branches of the Bank of Moscow are supposed to be opened in Schelkovo, Elektrostal, Stupino, Zhukovsky and Liubertsy of Moscow Area to replace the branches of the Moscow Pledge Bank.