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Russian regulator selects new investor to oversee Timer Bank's recovery

Bank Russian Financial Corp. JSC was selected by the Central Bank of the Russian Federation to act as an investor and oversee the financial recovery of Timer Bank (PJSC), the regulator said Dec. 15.

Timer Bank underwent financial rehabilitation in 2014, with PJSC Tatfondbank selected to oversee the procedure at the time. After Tatfondbank itself was placed into provisional administration in February 2017 and subsequently lost its license, the central bank transferred Timer to the interim management of the Russian Deposit Insurance Agency.