The Bank of Russia registered a new corporate name of commercial bank Struktura. Starting September 29, 2008 its name is Modern Business Standards. As the lending institution’s representative told the reporter, this action was driven by the decision taken by the bank’s shareholders.

Struktura was registered by the Central Bank of the Russian Federation on March 27, 2002 under entry # 3397 and obtained a banking license to deal with rubles and foreign currencies.

Management of former Struktura notified clients of changes in the bank’s corporate name only on the eve of the past weekend. “This was done nearly two weeks after the bank obtained a license from CBR, since the bank had not all registration documents. In reference books with bank identification codes, unfortunately, the bank’s old corporate name is still in place” — a bank source told the news agency.

Modern Business Standards plans to enter the Deposit Insurance System, but has not yet decided on the timeframe. “The bank should be checked by CBR professionals, with a relevant audit scheduled for this year, but because of the financial crisis the bank’s plans were revised. But this does not mean that we have any problems at the bank. We do not have any. All payments are made on a daily basis and the lender has no liquidity problems” — the bank’s representative said.

The renamed lending institution’s registered office remained unchanged and no changes were made in the charter capital, as it still equals Rub 178 mln.