B&N Bank to sell 110 bln rbl troubled assets to Bank Trust
MOSCOW, Jul 11 (PRIME) -- The supervisory board of B&N Bank has approved the sale of non-core and troubled assets worth about 110 billion rubles to Bank Trust in several stages until the end of 2018, B&N Bank said in a statement on Wednesday.
The deal is the final stage of B&N BankТs merger with Otkritie Financial Corporation (FC) Bank scheduled for January 1, 2019.
УThis will allow B&N Bank to improve the financials significantly: raise the quality of assets, reduce the share of overdue debt in the corporate loan portfolio, cut the reserves for troubled debt,Ф the bank said.
The central bank launched bailout of Otkritie FC Bank and B&N Bank in August and September 2017 through the Banking Sector Consolidation Fund. In February 2018, central bank Chairwoman Elvira Nabiullina said that the regulator had decided to merge the two banks after spinning off their bad assets. Deputy Central Bank Chairman Vasily Pozdyshev said that good assets of Rost Bank and Bank Trust will also be acquired by the merged bank.
(62.4442 rubles Ц U.S. $1)