OREANDA-NEWS. Bank of Russia Board of Directors approved amendments to the Plan for participation of the state corporation Deposit Insurance Agency (hereinafter, the Agency) in preventing bankruptcy of the Saint Petersburg-based open joint-stock company joint-stock commercial bank Tavrichesky or OJSC Bank Tavrichesky.

The Agency held a tender to select an investor to participate in bankruptcy prevention measures applied to OJSC Bank Tavrichesky. The tender resulted in selection of OJSC JSCB INTERNATIONAL FINANCIAL CLUB (hereinafter, the Investor) which proposed the most favourable conditions of resolution. The participation plans provide for the Investor's control over OJSC Bank Tavrichesky and its reorganisation through merger with OJSC JSCB INTERNATIONAL FINANCIAL CLUB until 1 July 2022.

The amendments to the participation plan also stipulate the provision by the Agency of financial aid to OJSC Bank Tavrichesky in the form of a loan in the amount of up to 28 billion rubles with 10-year maturity out of the Bank of Russia loan. Besides, some obligations of OJSC Bank Tavrichesky to the largest creditors interested in financial resolution of the bank will be transferred into subordinated deposits in the total amount of 12.7 billion rubles with 20-year maturity. These measures will create conditions for financial resolution of OJSC Bank Tavrichesky.

As a result of implementation of these procedures OJSC Bank Tavrichesky will fully restore the servicing of its customers, including timely settlements and payments.