December 22, 2017 / 11:17 AM / 9 months ago

Russia's Otkritie says central bank bailout completed

MOSCOW, Dec 22 (Reuters) - Russia’s central bank has finished cleaning up Otkritie earlier than expected and the lender’s capital now meets all requirements, the former private bank said on Friday.

The central bank said in August it was bailing out Otkritie, putting a temporary administration in charge of what was once Russia’s largest private lender to check the balance sheet and handle its recovery.

Otkritie said on Friday the bailout was completed in three and a half months instead of six to eight months originally expected, and the bank’s capital met levels required by the central bank, including new buffers required by January 2018.

The central bank had said it had planned to spend 456.2 billion roubles ($7.83 billion) on Otkritie’s recovery.

Otkritie and the central bank declined to say how much had been spent.

Otkritie said it was ready to resume activity in corporate and retail lending, adding that temporary administration would hand over to a new management team.

The first deputy governor of the central bank, Ksenia Yudayeva, was appointed head of Otkritie’s supervisory board, the recovering bank said. Mikhail Zadornov, an executive with VTB bank, becomes Otkritie’s CEO from January.

Otkritie will remain under the central bank’s umbrella until it is sold.

After Otkritie, the central bank also took control B&N bank and Promsvyazbank.

$1 = 58.2726 roubles Reporting by Tatiana Voronova and Katya Golubkova; Editing by Edmund Blair

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