OREANDA-NEWS. January 26, 2009. The Bank of Moscow has started servicing clients of ZAO joint-stock commercial bank Moscow Pledge Bank (MPB). The servicing of MPB clients has been assigned to The Bank of Moscow by State corporation Deposit Insurance Agency (DIA) on the basis of DIA’s authority as a temporary administrator called upon to govern the bank, and a package of measures aimed to assign part of its property and liabilities to a financially sound lender. The choice of an acquiring bank was made by DIA in accordance with the rules stipulated by Article 9 of the Federal Law "On further measures to strengthen stability of the banking system in the period to 31 December 2011".

On the basis of the agreement with DIA The Bank of Moscow accepted that starting from January 1, 2009 all MPB depositors be fully serviced under their banking deposit and account agreements, with the banking conditions including deposit interest rates and terms remaining valid. At the same time, The Bank of Moscow agreed to service some of MPB mortgages.

Since the procedure for transferring obligations owed by MPB to its customers required a number of technical and organizational arrangements, banking services to MPB clients were suspended from January 1 to 21, 2009.

Information about servicing the assigned MPB depositors and mortgagors by The Bank of Moscow divisions has been posted on the Bank’s official web-site at www.bm.ru/common/img/uploaded/pdf/mzb.pdf.