April 29, 2014 / 11:41 AM / 4 years ago

Russia's SMP bank to focus on rouble transactions after sanctions

MOSCOW, April 29 (Reuters) - Russian bank SMP will focus on domestic transactions after sanctions applied by the United States on Monday prevented it from accepting deposits in foreign currencies, it said on Tuesday.

The bank will focus on corporate clients, on offering loans in roubles, and on mortgages, it said in a statement.

SMP is co-owned by Boris Rotenberg and his older brother Arkady, who own 38.05 percent each according to the bank’s website. The Rotenberg brothers, who received large contracts for the Sochi Winter Olympics, were hit with sanctions by Washington in the previous round of punitive measures announced.

SMP said in a statement that SMP’s shareholders are not looking to sell the bank and are ready to provide additional support if needed. (Reporting by Megan Davies; Editing by Ruth Pitchford)

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