MOSCOW, July 7 (RIA Novosti) - The current jitters on Russia's financial markets will be overcome before long and Alfa Bank's clientele won't sustain any losses, the bank's top management assure in a statement, obtained by RIA Novosti Wednesday.
Alfa Bank Board Chairman Mikhail Fridman, President Pyotr Aven, and Chief Executive Pyotr Shmida concede that rumors about the possibility of a banking crisis in Russia are indeed circulating on financial markets now. According to them, this has made depositors rush in panic to withdraw money from their bank accounts, and, as a result, some of the banks have had to suspend their operations for lack of cash.
Having said that, Russia's current macroeconomic performance is too good for a banking crisis to erupt, the Alfa Bank top point out in their statement. They argue that the current jitters are a consequence of incautious remarks and rumors, and have been stirred (both deliberately and unwittingly) by irresponsible words and actions on the part of bankers, officials, reporters, and analysts.
Speaking of their particular bank, Messrs. Fridman, Aven and Shmida assured that Alfa Bank would be serving its clientele without any restrictions or delays. Thus, in particular, four times the usual amount of cash is now put into automatic teller machines to cope with the increased demand, they noted. They also announced that starting on July 8, the bank's offices would have their working hours extended to 9 pm so as to minimize inconveniences for the clientele.
Should any of the depositors decide to prematurely close his/her account at Alfa Bank, all money due will be paid out to him/her immediately, the bank's top officials pledge.
Alfa Bank's shareholders have substantial resources and assets outside the banking sector, and are ready to use these, should there turn out to be not enough cash to meet depositor demand.
Contrary to rumors, Alfa Bank has not approached the Central Bank or any other finance institutions with the request for a stabilization loan, and is not going to do so, the management say. They want the clientele to be rest assured that Alfa Bank won't let down a single one of its depositors and will fulfil its obligations in full. "Alfa Bank's track record, its reputation as Russia's leading private bank, and our names is the guarantee that your interests will be served in full measure," Fridman, Aven and Shmida point out in conclusion.
