OREANDA-NEWS.  June 05, 2014. The Bank of Russia made a decision to take measures to conduct financial sanation of BTA-Kazan. State Depository Insurance Agency (DIA) is entrusted to conduct these procedures with the participation of Tatfondbank.

DIA has been authorized to perform duties of a temporary administration with a view to ensuring stability of operation of the bank BTA-Kazan. The temporary administration consists of DIA officials and is chaired by Dmitriy Pozhidaev, Head of financial institutions restructuring department.

The financial rehabilitation of BTA-Kazan will be realized by DIA in cooperation with Novaya Neftekhimia LLC, a major shareholder of Tatfondbank.

Decision of sanation is conditioned by necessity for maintaining stability of the banking system in Tatarstan. Investor is elected following a proposal by the government of the Republic.

Further development of the bank, now with the participation of the investor will make possible for BTA-Kazan to stay in business. The measures indicated will ensure non-stop performance of BTA-Kazan and fulfillment of its obligations to customers.