Sovcombank’s shareholders approved its reorganization. A separate legal entity will be created, to which assets frozen due to sanctions, as well as liabilities of persons associated with “enemy” countries, will be transferred.
Sovcombank’s shareholders approved its reorganization, the bank’s press service reported.
As part of the reorganization, a separate legal entity will be created, which will receive assets blocked due to sanctions, as well as assume obligations to persons associated with “enemy” countries.
“This will allow the bank to simplify the work with blocked assets and debts with hostile creditors, as well as reduce the effect of creating reserves in connection with blocked assets and will have a negligible impact on capital, liquidity and standards,” said Sergey, First Deputy Chairman of the Board of Directors of Sovcombank Khotimsky.
Assets will be received by Assistance to International Settlements LLC, the company was registered in 2022. Under federal law, the value of assets transferred to a legal entity must not be less than the value of liabilities to foreign creditors.
Sovcombank is under US, UK and EU sanctions. The bank is disconnected from the US financial system and the international SWIFT system.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
