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Russian Central Bank’s official says B&N Bank, Otkritie may be sold within 3-4 years

October 31, 14:55 UTC+3 MOSCOW

Central Bank’s Chief Elvira Nabiullina said earlier that a public offering of shares on the exchange is the most probable option of B&N Bank and Otkritie Bank sale

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MOSCOW, October 31. /TASS/. B&N Bank, Otkritie Bank, which are currently undergoing financial recovery procedures, will be ready to be sold in three or four years, Central Bank’s Deputy Chairman Vasily Pozdyshev said Tuesday.

"Those assets will be ready to be sold in 3-4 years," he said, adding that it remains to be seen whether "the market will be ready for it."

The temporary administration for Otkritie Bank (8th biggest bank in terms of assets) started on August 30. Since then the Bank of Russia has been participating in the bank’s capital as a majority investor, providing financial support to it at the expense of the banking sector consolidation fund set up in summer. B&N Bank (12th-biggest bank in terms of assets) applied to consider a financial recovery procedure through the Fund for the Consolidation of the Banking Sector in September. On September 21, the Central Bank announced measures to bail out B&N Bank.

Central Bank’s Chief Elvira Nabiullina said earlier that a public offering of shares on the exchange is the most probable option of B&N Bank and Otkritie Bank sale, adding that the regulator intends to make those assets interesting for mass investors.

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