September 20, 2017 / 6:00 PM / a month ago

Russia's VTB says no exposure to B&N bank

MOSCOW (Reuters) - Russian bank VTB (VTBR.MM) sees no risks from and has no exposure to smaller peer B&N bank or the group it belongs to, VTB said in email to Reuters after B&N asked the central bank for a bail-out on Wednesday.

FILE PHOTO - The logo of VTB Group is seen through a window of Imperia Tower on a facade of the Federatsiya (Federation) Tower at the Moscow International Business Center also known as "Moskva-City", in Moscow, Russia, August 5, 2015. REUTERS/Maxim Zmeyev/File Photo

In August, Mikhail Gutseriyev, whose family owns the Safmar group to which B&N belongs, told Vedomosti newspaper that its oil company Russneft owes VTB $1.26 billion (926.88 million pounds). He said in the same interview that Sberbank (SBER.MM) was another major lender to his oil business.

Sberbank did not immediately respond to a Reuters request for comment.

VTB said in its email that it sees no risks from the financial situation of B&N bank as the state-controlled lender has no exposure to either the bank, or the group.

Russia’s central bank said it was in talks with B&N about a possible bail-out and a decision would come in the near future.

Reporting by Kira Zavyalova; writing by Katya Golubkova; Editing by Elaine Hardcastle

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