Russian watchdog clears 2 banks to buy Asia-Pacific Bank

MOSCOW, Feb 22 (PRIME) -- Russia’s Federal Antimonopoly Service has cleared Credit Bank of Moscow and Sovcombank to acquire a 99.9% stake in Asia-Pacific Bank, which is undergoing bailout procedures, a spokesperson told PRIME on Friday.

The central bank launched bailout of Asian-Pacific Bank in April 2018. The regulator bought a 9 billion ruble issue of additional shares of the bank and acquired 99.9% in it. The authority plans to sell the bank for 6 billion rubles through an open auction in March.

(65.5401 rubles – U.S. $1)

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