PRESS: Shishkhanov in talks on restructuring Rost Bank bailout loan

MOSCOW, Sep 11 (PRIME) -- The former owner of B&N Bank Mikail Shishkhanov is in talks to restructure a loan issued for the bailout of Rost Bank, then part of B&N Bank Group, Vedomosti business daily reported on Tuesday citing a source with knowledge of the situation from Shishkhanov and confirmed by the businessman.

In 2015, Shishkhanov became a turnaround manager to bail out Rost Bank. He bought the bank from B&N Bank which had been bailing it out for a year. The Deposit Insurance Agency (DIA) allocated 35.9 billion rubles for the procedure, of which 18.4 billion was used to cover Rost Bank’s capital gap between assets and liabilities and the rest was injected into B&N Bank to support its liquidity.

In September 2017, the central bank began bailing out both Rost Bank and B&N Bank and took them away to the banking sector consolidation fund.

Rost Bank returned its loan to the DIA early, it said in a financial report for January–March 2018. However, Shishkhanov’s debt to the DIA remained as the agency transferred the Rost Bank bailout loan to Bank Trust.

According to Vedomosti, the debt presently amounts to over 10 billion rubles and is already overdue.

Shishkhanov said that the debt is overdue only “temporarily” and he plans to restructure and repay it. He declined to comment on the conditions and the sum.

End