MOSCOW May 30 Russian bank JUGRA is expected to
receive a $500 million capital boost after its key shareholder
converts its subordinated deposits into the bank's capital, the
mid-sized lender said.
Radamant Financial, a company which owns a 52.4 percent
stake in JUGRA, will convert its deposits to prop up the bank,
JUGRA President Alexey Nefedov said in an emailed comment to
Reuters the conversion of $500 million worth of subordinated
deposits will bring the bank's capital adequacy ratio to 13.2
Plans call for more deposits to be converted into capital in
the future, Nefedov said.
(Reporting by Kira Zavyalova; writing by Katya Golubkova;
editing by Andrey Ostroukh and Jason Neely)