Bank increased its capital
On June 30, 2009, the Central Bank of Russia agreed upon the decision to include the USD 75 million subordinated loan into the Bank Saint Petersburg capital. This 10-and-a-half-year EBRD loan qualifies as Tier 2 Capital in the amount up to 100% of the Tier 1 capital. This is the first loan of that kind in the Bank’s history.
As a result the Bank’s capital would amount to ca. RUB 26 billion.
Alexander Savelyev, Chairman of the Management Board, comments: “This long-term subordinated loan granted by EBRD, the leading global financial institution, is a best sign of its confidence in the Bank’s prospects. For us it is also an indicator of the Bank’s efficient strategy. The capital increase should help the Bank to strengthen its position on the market in the unstable economic situation.