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Russia's B&N says was in talks with cenbank for over a year about support
September 20, 2017 / 1:25 PM / 3 months ago

Russia's B&N says was in talks with cenbank for over a year about support

MOSCOW, Sept 20 (Reuters) - Russia’s B&N Bank said in a statement on Wednesday it had been in talks with the central bank for around a year about how to resolve its problems.

B&N, the country’s 12th biggest lender by assets, has sought a bailout from the central bank, just three weeks after another leading Russian bank had to be rescued.

B&N said top executives, including Mikhail Shishkhanov, had failed to recapitalise the bank using its own funds and that Shishkhanov had then approached the central bank for a bailout.

It said that the bank’s executives and owners would cooperate with the central bank’s temporary administration to ensure continuation of the bank’s operations. B&N would continue to fulfil its obligations towards clients in full, it said.

Shishkhanov and tycoon Mikhail Gutseriyev control the bank, according information on B&N website. The central bank has not yet announced whether and how it is going to bail out B&N bank. (Reporting by Katya Golubkova/Polina Devitt; Editing by Andrew Osborn)

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