September 21, 2017 / 11:09 AM / a year ago

Russia's B&N Bank may need up to 350 bln roubles in extra provisions -

MOSCOW, Sept 21 (Reuters) - Russia’s B&N Bank could need between 250 billion roubles and 350 billion roubles ($4.3-$6.03 billion) in additional provisions for bad loans, Vasily Pozdyshev, central bank deputy governor, said on Thursday.

The central bank announced earlier on Thursday it is bailing out the troubled lender. Pozdyshev told a news conference that the estimate was preliminary and will be adjusted after the central bank conducts all its evaluations.

He said that Mikail Shishkhanov and Mikhail Gutseriyev, the banking group’s owners, are transferring assets that are not collateral for loans from their investment vehicle Safmar to B&N Bank, as a part of the bail out process.

He said the central bank wants to limit funds it spends itself on the rescue of B&N Bank, which is Russia’s 12th biggest bank by assets. ($1 = 58.0559 roubles) (Reporting by Elena Fabrichnaya; writing by Polina Devitt/Katya Golubkova)

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