Alfa-bank will perform every order of its clients in full, without any restrictions or delays

Monday, August 3, 2020

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Alfa-Bank's executives Mikhail Fridman, Pyotr Aven and Pyotr Shmida point out in a joint declaration that the bank will perform every order of its clients in full, without any restrictions or delays. At present, four times the normal amount of cash is supplied to Alfa-Bank's ATMs. The bank's management also ruled out the possibility of making requests for stabilization credits to the Central Bank or other financial institutions. "The shareholders in Alfa-Bank have substantial resources and assets outside the banking sector, and they officially declare their readiness to provide an amount of resources required for the fulfillment of all requests of our depositors, if necessary," the declaration reads. Additionally, the bank will extend the working hours of its retail offices until 9 p.m., beginning July 8, and it will continue to provide loans in accordance with normal regulations. It is believed at the bank that the nervousness on the market will be overcome soon, as "in contrast to earlier crises, the present situation is principally different from a real banking crisis, as there are no fundamental macroeconomic reasons for a crisis, and the (present) situation is due to a number of careless remarks and a wave of rumors."

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