Central bank decides to finish bailout of Otkritie FC Bank

MOSCOW, Jul 2 (PRIME) -- The board of directors of Russia's central bank has decided to end the bailout of Otkritie Financial Corporation (FC) Bank, the authority said in a statement on Tuesday.

"The board of directors of the central bank has decided to finish implementation of steps to prevent the bankruptcy of Otkritie FC Bank," the statement read.

The bank currently complies with all the necessary requirements to financial stability and creditworthiness, the central bank said.

The regulator also said it plans to partially sell its stake in the bank in 2021, while the size of the stake will depend on market conditions.  

In 2017, Otkritie FC Bank was the first large Russian bank that was bailed out by the regulator via the Banking Sector Consolidation Fund which made the central bank the major owner of the troubled bank.

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