OREANDA-NEWS. March 29, 2011. The ongoing campaign in regards of VTB taking a share in the capital of the Bank of Moscow has brought a negative impact to the development of the Bank of Moscow. It may already be asserted that direct losses in the form of lost profits resulting from the campaign in 2011 will amount to at least RUR 5 bln. The growth rates of the resource base and the credit portfolio, which is the Bank’s main source of income, have suffered the greatest.

In addition, the Bank of Moscow is remarking a significant diversion of manpower while preparing the materials within the scope of the multitude of audits, which has been undergoing recently. For instance, since November 2010, the Bank of Russia, the Audit Chamber of the Russian Federation, the Federal Tax Service Inspectorate for major taxpayers, the Directorate for Combating Economic Crimes, the Investigation Committee, the Federal Service for the Financial Markets, new shareholders (VTB) and others have all conducted their own audits.

This pressure being brought towards the one of the country’s leading credit institutions demonstrates the vulnerability of the Russian banking system as a whole and has an adverse effect on the investment climate.