The new owner of URALSIB expects by year end to approve the business plan

MOSCOW, November 5. The new owner of “URALSIB” Vladimir Kogan hopes to minimize year-end the Bank’s losses and to adopt a new management strategy. He declared it on air of TV channel “Russia 24”.

“The end of the year I would like to get our young fellow strategists a new governance structure, would like to see the Bank during these two months to minimize the losses that accumulated over the year… I want until January 1 to receive and approve a business plan under which the Bank will move,” he said, noting that the Bank is extensive, but “underutilized work network” and “unclear structure”.

See also

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He also noted that the Bank plans to solve the problem of overdue loans. “We, no doubt, with this we will not put up. Everyone who does not want to return, there will be two ways – either to go for fraud in especially large sizes in a clear space, either sign with the Bank any restructuring and quietly these loans return”, – said Kogan.

According to him, the Bank would return to profit in the optimistic forecast in a year, according to pessimistic – in two years.

Kogan said that the Bank aims to return to the number backbone. “They (former leaders) were in a difficult situation, not very well where we gave out loans, but theft, we believe there is no,” he said. If the reverse is proven, “URALSIB” intend to address in the Central Bank with the request for the recapitalization.

On own savings

New main shareholder of Bank “URALSIB” also has declared that is ready to make their own money in sanitation of Bank.

“We will dovnosit their money,” he said

The Agency on insurance of contributions will provide to the Bank “URALSIB” loans worth 14 billion roubles for 6 years and at 67 billion rubles for a period of 10 years. Kogan is confident that these funds will be enough. The businessman drew attention to the positive dynamics of trading on Thursday.

Earlier it became known that the Bank’s shares at the Moscow stock exchange has increased threefold to RUB 0,085 per share, beating the high from November 2012