OREANDA-NEWS. July 04, 2011. The Bank of Moscow confirms that, in accordance with resolutions approved by the Board of Directors of the Bank of Russia, the Bank is receiving a loan from the Deposit Insurance Agency to a sum of up to RUR 295 bln at a beneficial interest rate. The funds will be invested in reliable financial instruments, including state securities of the Russian Federation. In addition, VTB Group companies are to acquire a minimum of 75% of the Bank’s shares and will buy up a Bank of Moscow additional issue of shared in a sum of up to RUR 100 bln.

All the Bank of Moscow’s obligations to investors, creditors, clients and depositors are and will continue to be discharged in full and in a timely fashion.

The Bank of Moscow will apply all possible efforts to redeem the assistance received from the state ahead of time.

The Bank of Moscow states that the problem credits arose within the Bank as a result of the non-conscientious actions of the Bank’s previous management. The Bank of Moscow stresses that it will apply all possible efforts to recover the loans issued previously and the interest thereon from the owners of the relevant companies and the previous management of the Bank.