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Report: Local lenders hit by deposit run after collapse of Tatfondbank

PJSC Tatfondbank being placed into provisional administration created panic among residents in Russia's Tatarstan Republic, who also started withdrawing funds from other local lenders, causing serious liquidity problems, Kommersant reported Dec. 20.

PJSC IntechBank had to suspend cash and settlement services and is now mulling financial recovery measures; Timer Bank (PJSC), a lender bailed out in 2014 with the help of Tatfondbank, imposed limits on deposit withdrawals; while Altynbank stopped servicing payment cards, the newspaper said. LLC TATARSTAN AGRICULTURAL & INDUSTRIAL BANK also decided to limit deposit withdrawals, Banki.ru reported the same day.

Meanwhile, Fitch put the Tatarstan Republic's largest lender, PAO AK Bars Bank, on ratings watch negative, pointing to the problems caused by Tatfondbank's financial difficulties, Kommersant noted. It added that AK Bars Bank tried to reassure clients about its financial stability by announcing its intention to recapitalize, with plans to add 10 billion Russian rubles.

Only the Central Bank of the Russian Federation could stop the panic among clients of Tatarstan Republic-based banks, but the regulator still has not announced its decision regarding the future of Tatfondbank, which has caused the regional crisis of confidence, Kommersant said, citing Raiffeisenbank analyst Denis Poryvay.

As of Dec. 19, US$1 was equivalent to 61.79 Russian rubles.