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Otkritie case important test of Russia's bank clean-up - Fitch

The Bank of Russia announced measures to improve financial stability of Otkritie Bank

MOSCOW, September 2. /TASS/. The Russian authorities' approach to supporting Otkritie Bank reflects its systemically important status and does not necessarily set a precedent for the treatment of bank creditors in bailouts, Fitch Ratings said in a press release.

The Bank of Russia announced measures to improve financial stability of Otkritie Bank, a systematically important bank ranked 8th in the national banking system in terms of assets, earlier this week. 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.

"The approach taken to Otkritie may not be replicated with smaller or less interconnected banks, which could see less favorable resolution for creditors," Fitch said.

The budgetary impact for the Russian sovereign is expected to be limited, but the intervention is an important test of the authorities' ability to continue cleaning up the banking system and strengthen the resolution framework while maintaining confidence in the financial sector, the rating agency said.

The Central Bank’s head Elvira Nabiullina said in an interview with TASS in February that the financial recovery procedure in Russia’s banking sector would take another several years.

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