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VTB Bank and DIA sign a General Agreement on the Bank of Moscow bailout

 
20 July 2011

bank of moscow, general agreements

VTB BankCJSC VTB Debt CenterVTB Pension Administrator Ltd., OJSC Bank of Moscow and State Corporation Deposit Insurance Agency (DIA) signed a General Agreement. The document sets out the procedure and terms of interaction of parties in implementing the action plan to handle troubled debt of the Bank of Moscow.

According to the General Agreement, CJSC VTB Debt Center and VTB Pension Administrator Ltd., acting as investors, undertake to increase the charter capital of the Bank of Moscow, and develop a detailed plan to take care of the bank’s troubled debt.

After the investors consolidate the necessary amount of Bank of Moscow shares, allowing them to determine the decisions of the bank on issues within the competence of its shareholder meeting, DIA shall provide financial aid to the Bank of Moscow. The funds will be used to execute the plan to handle troubled debt of the lending institution. 


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