OREANDA-NEWS. September 03, 2009. The Banking Supervision Committee of the Bank of Russia meeting on August 26, 2009, discussed details of a plan to restore Sviaz-Bank to financial health. The Committee members reviewed the results of the work already done and agreed on further steps to promote the Bank’s development in the period until January 1, 2011, reported the press-centre of Sviaz-Bank.

The plan ultimately approved calls for vigorous expansion of lending to the Bank’s corporate and retail customers, diversification of its resources, and its participation in the program to issue loans to small and medium-size businesses. The plan also focuses on active development of retailing business, in particular, attracting funds into deposits from retail customers, and issuing mortgages and extending consumer credits to individuals. The Committee members approved a package of measures to deal with arrears that remain a serious problem.

Considering the large scale of challenges facing Sviaz-Bank, Vladimir Dmitriev, Chairman of State Corporation ‘Bank for Development and International Business (Vnesheconombank)’, held a working meeting with Sviaz-Bank’s management at the Bank’s Head Office in Moscow.

The meeting totaled up the results of the Bank’s efforts and set it a strategic task of repaying the government budget funds allocated to Sviaz-Bank to make it financially healthy again.
In Mr. Dmitriev’s view, the goals confronting Sviaz-Bank are ambitious, and yet attainable, provided that Sviaz-Bank develops actively its core business areas by exploiting its competitive advantages such as its wide-flung network of branches, its extensive line of products for corporate and retail customers, and the potentialities of its processing center, to name but a few.