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Russian regulator appoints temporary administration in Otkritie Bank

The measure is aimed at improving the financial stability of the credit institution

© Stoyan Vasev/TASS

MOSCOW, August 29. /TASS/. The Bank of Russia has appointed an interim administration at the Otkritie bank as part of measures to improve the financial stability of the credit institution, the regulator's press service reported.

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"The staff of the interim administration includes employees of the Bank of Russia and the managing company of the banking sector consolidation fund (controlled by Bank of Russia - TASS)," the regulator said in a statement.

According to the press release, the order of the Central Bank on the appointment of an interim administration is dated August 29.

Later the press service of the regulator specified that the interim administration is introduced from August 30.

According to the regulator, the bank and its subsidiaries will continue to work as usual.

On Tuesday, the Bank of Russia made a decision to participate as the main investor in the Otkritie bank using the money from the Fund for the Consolidation of the Banking Sector. This is the first case of using the fund's resources to improve the bank's financial stability.

Financial recovery to last for 6-8 months

Financial recovery of Otkritie Bank will last from 6 to 8 months, the Central Bank said.

"The financial recovery process with use of money of the banking sector consolidation fund may be broken down into two stages, with implementation of the same to take from 6 to 8 months. The bank will work later on with adherence to all mandatory standards," the Bank of Russia said.

Shares of the Otkritie bank rose by 2,4% as of 5.05 pm Moscow time to 1,340 rubles ($22.7) per share in the course of trading on the Moscow Stock Exchange, according to the data of the auction.

Otkritie Bank was founded on December 15, 1992. Its infrastructure comprises 22 branches and over 400 internal structural units.

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