OREANDA-NEWS. August 02, 2012. AK BARS Bank has received the approval of the Central Bank of Russia to treat the subordinated loan of USD 600 mio as supplementary capital, reported the press-centre of AK BARS Bank.

AK BARS Luxembourg S.A. issued USD 600,000,000 8 per cent. Loan Participation Notes due 2022 for the purposes of financing a subordinated loan to AK BARS Bank (the “Bank”). The Bank has now received the approval of the Central Bank of Russia to treat the subordinated loan as supplementary capital.

The Bank’s total capital increased to RUB 54.437 billion and its capital adequacy ratio increased to 16.08 per cent. (each according to Russian Accounting Standards), as of 14 July 2012 when the approval of the Central Bank of Russia was effective.

“The inclusion of the subordinated loan as supplementary capital of our bank provides important conditions for stable long-run development and strengthening of our capital base”, said the Chairman of the Management Board of the Bank, Mr. Robert Minnegaliev.