JSB Orgresbank’s Equity increased


JSB Orgresbank’s Equity increased

     On December 20, 2006 the CB RF recognized as subordinated the loan of USD 30 million to JSB Orgresbank granted under the agreement between JSB Orgresbank and Nordea Bank. This loan is included in the JSB Orgresbank’s equity calculations. Therefore, by the Russian Financial Reporting Standards the Bank’s equity exceeded RUB 3.4 billion.

     In November 2006 Nordea Bank and JSB Orgresbank signed an agreement about Nordea's acquisition of a 75.01 per cent stake in JSB Orgresbank. The provision of the subordinated loan to JSB Orgresbank was one of the terms and conditions of the deal.

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