OREANDA-NEWS. July 30, 2015. Bank of Russia Board of Directors approved the plan for participation of the state corporation Deposit Insurance Agency (hereinafter, the Agency) in bankruptcy prevention of the Open Joint-Stock Company AVTOVAZBANK (hereinafter, OJSC Bank AVB).

The Agency held a tender to select an investor who proposed the most favourable conditions for bankruptcy prevention financing of OJSC Bank AVВ.

Resulting the tender PJSC Promsvyazbank (hereinafter, the Investor) has been selected.

Pursuant to the participation plan, the Agency is to render the Investor financial assistance 18.2 billion rubles worth for a 10-year term out of the Bank of Russia loan.

The participation plan provides acquisition of OJSC Bank AVB shares by the Investor in the amount sufficient to take decisions on all issues of its activity, as well as its reorganisation through merger with the Investor by 1 September 2022.

Currently, the Bank is carrying out its routine activity including fulfillment of its obligations before clients, execution of settlements and payments.