Primorye Bank wrote off a subordinated debt due to capital adequacy issues

Primorye Bank has announced that it has written off RUB 1 billion in subordinated debt to its capital (conversion). This action was necessary due to the fact that the bank's basic capital adequacy ratio (H1.1) has been below 2% for six days or more. According to Kommersant, the bank is also reassigning its loan portfolio to alleviate the pressure on its capital, and it will continue to do so to meet its capital adequacy requirements as it continues to incur losses.