IFC-Bank to set up its own collection agency

30 June

The Committee on Investment, Risk and Audit at the OJSC JSCB International Financial Club Board of Directors has approved a project for setting up the bank’s own collection agency.

OJSC JSCB International Financial Club will hold 100% ownership in the newly established collection agency with authorized capital of 222.3 million RUR.

The Agency is primarily created for the purpose of restructuring distressed debts and normalizing of the borrower’s financial situation as part of our partnership with DIA. In addition, it will work with overdue debts of the Bank itself. It should be noted, however, that the share of overdue loans in the Bank’s portfolio currently amounts to less than 1%, which is significantly lower than the average market figure. At the same time, the Bank’s Territory Administrative Office supervising business development in the Urals, Siberian and Far Eastern Federal Districts does not have distressed debts at all, says Helen Krasavtseva, Deputy Chairperson of the IFC Executive Board.

The Bank’s own newly established collection agency is intended to begin operations already in July 2011.