MOSCOW (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 recapitalize 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 toward 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