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Principale » Credit Bank of Moscow sees no direct risks from B&N troubles

Credit Bank of Moscow sees no direct risks from B&N troubles

20 Septembre 2017

The owner of B&N Bank, Russia's 12th largest bank by assets, has asked the central bank to provide financial aid to the lender, Reuters reported on Sep.

Mikhail Shishkhanov said that he was in active negotiations with the central bank about accessing a bailout package.

The Bank of Russian Federation and B&N Bank announced on September 20 that the lender asked for financial rehabilitation through the newly created Fund for the Consolidation of the Banking Sector.

The bank embarked on an expansion drive in recent years, buying smaller lenders such as Rost Bank before merging in 2016 with MDM Bank. Only the overall negative market environment may have an effect (on the bank).

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B&N was one of several banks to suffer a loss of interbank funding in June and July, Fitch Ratings wrote in a report published on August 18.

The Russian banking sector continues to bear the consequences of the financial and monetary crisis of 2014, caused largely by the crash of oil prices and aggravated by Western sanctions imposed over Moscow's aggression in Ukraine.

"The announcement from the central bank was a bit weird, they don't seem to have made a commitment yet".

Credit Bank of Moscow sees no direct risks from B&N troubles