B&N Bank to cut capital to 1 rbl under central bank order

MOSCOW, Jan 17 (PRIME) -- Russia’s B&N Bank, which is undergoing a bailout through the central bank’s Banking Sector Consolidation Fund, is reducing its charter capital to 1 ruble under an order by the central bank, the bank said on Wednesday.

The bank’s capital currently stands at around 17.5 billion rubles.

The central bank announced a bailout of B&N Bank in September 2017. In December, the central bank said the capital of B&N Bank contracted by 61.9 billion rubles in November to minus 36.4 billion rubles.

(56.3878 rubles – U.S. $1)

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