Guta Bank resumes broker services on Russian stock market

Guta Bank issued a press release on Wednesday saying it had resumed broker services on Russia's stock market (Moscow Inter-bank Currency Exchange (MICEX), St Petersburg Stock Exchange (SPSE), and FOREX).

The commercial Guta Bank is resuming activities in line with the existing regulations for services on the stock and time-deposit markets and with sufficient amounts of money.

Marginal crediting arrangements (when monetary or securities loans are issued on security of the assets' current price) will be available in a few days. Besides, in the next few days the bank will resume services on the FOREX foreign exchange market.

The terms and conditions of the bank's transactions have remained unchanged.

Vneshtorgbank (VTB) and Guta Bank shareholders announced, on July 20, that VTB had acquired 85.8% of shares in Guta. They emphasised that Guta Bank had largely retained its corporate and retail business clients and would work as an independent bank.

VTB paid 1 million roubles for the share block. The deal was designed to help Guta Bank resume operation, which suspended deposit payments on July 6 due to liquidity problems. The Central Bank ensured the financial support of the deal. The Central Bank said it had opened $700 million worth deposits at Vneshtorgbank.

Russia's Federal Property Fund holds 12.5% of shares in Guta Bank, the other 1.9% of shares is owned by minority holders.