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RUSSIA'S ECONOMY

Central bank comments on combining assets of B&N and Otkritie banks

On September 21, the Bank of Russia announced financial recovery of B&N banking group

SOCHI, October 5. /TASS/. Combining assets of B&N and Otkritie banks is a strategic option for rehabilitation of these banks, head of the Bank of Russia Elvira Nabiullina told journalists.

"Combining assets of Otkritie and B&N banks is a possible working option. We are just starting to discuss the future strategy and business plan, because for us the first task is to assess the assets, and together with the elected management bodies of these banks we will discuss the strategy. As part of discussion of these strategies it is possible to unite these banks, "she said.

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"Our goal is to rehabilitate these banks as soon as possible and bring them to the market. In our opinion, these banks will be in demand if there is a transparent business model that makes investors confident. Again: we do not focus on getting one large investor to buy out the controlling stake in these banks - it is possible to have a pool of investors there," Nabiullina said.

First Deputy Governor of the Central Bank Dmitry Tulin said in an interview with TASS that B&N Bank is likely to be merged with Otkritie.

On August 29, the Bank of Russia announced the financial recovery procedure for Otkritie Bank (8th biggest bank in terms of assets), which implies that the regulator will become its main shareholder with a stake amounting to at least 75% and will recapitalize it.

B&N Bank (12th-biggest bank in terms of assets) applied with a request to consider the financial recovery procedure through the Fund for the Consolidation of the Banking Sector earlier this month.

On September 21, the Bank of Russia announced financial recovery of B&N banking group. The regulator will become the majority investor in the bank using resources of the Banking Sector Consolidation Fund.

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