Porto-Franco Joint-Stock Bank will change hands; a preliminary purchase agreement between the owners and the International Investment Fund Capital has already been signed.
OTKAT was informed of this by the press service of PAO AB Porto-Franco, citing Alexey Dmitrenko, an authorized representative of the International Investment Fund Capital.
As reported by the press service, “A preliminary agreement was signed for the purchase of the Public Joint-Stock Company Joint-Stock Bank Porto-Franco by the International Investment Fund Capital.”
Recently, rumors have surfaced in the media regarding the possible bankruptcy of Porto-Franco Bank. Currently, these rumors are unfounded and unsubstantiated. Indeed, Porto-Franco Bank has experienced some financial difficulties and operational disruptions over the past two months. However, with the arrival of a new owner, the investment fund Kapital, the bank's situation will soon stabilize. The new owner has initiated an internal audit of the bank's working capital and assets. A plan is currently being developed to recapitalize the bank, increase its authorized capital, and normalize the financial institution's operations. Lists for the commencement of priority payments will be compiled within the next two weeks.
Alexey Dmitrenko stated that bank depositors currently have no reason to worry. After the signing of all necessary documents regarding the acquisition of Porto-Franco Bank by the Capital fund, the bank's situation will be fully brought under control by representatives of the new owner as soon as possible. The potential owner of the financial institution is extremely interested in the rapid stabilization of the bank's operations and the restoration of all settlement and cash transactions with clients to normal.
The international investment fund "Capital" intends to actively engage with the bank's depositor initiative group. Within one month of the acquisition by the Capital Fund, in agreement with the depositor initiative group, the process of disbursing funds to depositors will begin through Porto-Franco Bank's branches and ATM network. The new owner of Porto-Franco Bank is certainly counting on the depositors' loyalty and their assistance in quickly restoring the bank's normal operations.
Once the repayment process begins, the bank's management will develop a plan to repay its obligations to creditors.
The bank's solvency and normal operations can be fully restored within 2-3 months unless depositors withdraw all their savings simultaneously, which would immediately and dramatically reduce the bank's working capital and require more extensive recapitalization and refinancing measures. Such actions by depositors could also threaten the bank with being declared insolvent and subject to temporary administration.
A representative of the Capital Fund also noted: "We will make every effort to ensure that Porto-Franco Bank quickly returns to being a stable financial institution, making all required payments on time, and storing funds safely and securely. Our team is ready to engage the most experienced, professional, and effective crisis managers and financiers to resolve the Bank's problems. The International Investment Fund Capital has all the necessary resources and resources for this."
We would also like to draw the attention of Porto-Franco Bank depositors to the fact that our bank is a member of the Deposit Guarantee Fund for Individuals, and the Deposit Guarantee Fund acts as a guarantor for the return of deposits to the bank's depositors. Therefore, we would like to emphasize once again that there should be no reason for concern or panic among the bank's clients and depositors."
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