Russia’s Tatfondbank board to mull financial bailout measures Tue

MOSCOW, Dec 12 (PRIME) -- The board of directors of Tatfondbank, Russia’s 42nd largest bank by assets as of October 1, will discuss measures for the bank’s financial bailout on Tuesday, the bank said in a report Monday.

Tatfondbank said earlier that the republic of Tatarstan, one of its shareholders, is holding talks with the central bank on its financial bailout plan. Kommersant business daily reported that the bank has been having problems with liquidity since the start of the year.

On Monday, Tatfondbank introduced a limit of 15,000 rubles per day for cash withdrawal at its ATMs.

The bank also said it faced excessive demand for early termination of deposits on Monday on the back of media reports about its possible bailout.

(63.3028 rubles – U.S. $1)

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