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. Last Updated: 07/27/2016

Tokobank to Meet Creditors

The temporary administration of Russia's Tokobank, which took over the troubled bank a week ago, said Friday that it would meet foreign creditors soon and evaluate the bank's assets and debt maturity schedules by the start of next week.

A letter addressed to the creditors said the administrators would prepare a meeting in Moscow with creditors and senior central bank officials, possibly next week. The date had still to be confirmed.

The central bank placed Tokobank under temporary administration for two months May 8, citing the inability of Tokobank's major shareholders and management to solve liquidity problems.

"The temporary administration immediately proceeded with its job of evaluating the real financial situation of Tokobank in order to find a possible solution to the problems of the bank," said the letter, signed by Vladimir Stolyarenko, appointed to head the administration.

It said Tokobank President Pavel Nefidov had been temporarily dismissed from his position until July 1.

The administration said the central bank, shareholders and creditors would be informed of the results of its evaluation. It also planned to meet the bank's supervisory board and major shareholders next week to discuss the situation and to work out a practical mechanism for meeting payment obligations toward creditors.