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Financial recovery of Otkritie Bank to be implemented in softest possible way — Fitch

August 29, 21:44 UTC+3 MOSCOW

The Russian regulator announced measures to improve financial stability of Otkritie Bank earlier on Tuesday

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MOSCOW, August 29. /TASS/. Actions undertaken by the Bank of Russia to improve financial stability of Otkritie Bank are as correct as possible in respect of clients of the banking institutions, senior director of the banking analytical team with Fitch Ratings Alexander Danilov told TASS on Tuesday.

"Ordinary depositors need not be anxious, since the Central Bank said no moratorium is imposed. Accordingly, no insured event occurs. People may continue freely use their money. Financial recovery of the bank is implemented in the softest possible way," Danilov said.

The Bank of Russia announced measures to improve financial stability of Otkritie Bank earlier on Tuesday. The regulator will participate in the bank’s capital as a majority investor and will provide financial support to it at the expense of the banking sector consolidation fund created this summer. Temporary administration will start working in Otkritie from August 30.

Otkritie is a systematically import bank and is ranked 8th in the national banking system in terms of assets.

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