Russia’s Vneshprombank’s license revoked; loan notes default declared

By Caroline Salls

Pittsburgh, Jan. 27 – Foreign Economic Industrial Bank Ltd. (Vneshprombank)’s banking license was revoked and moratorium terminated on Jan. 21 by the Central Bank of the Russian Federation (CBR), according to a news release from loan participation notes issuer VPB Funding Ltd.

In addition, VPB said the notes trustee has declared an event of default arising from Vneshprombank’s temporary administration, the moratorium and the revocation of the banking license.

As previously reported, the CBR announced on Dec. 18 that it had established a provisional administration over Vneshprombank for a six-month period. The three-month moratorium on creditors’ claims was imposed on Dec. 22.

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