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Russian regulator puts its fund in charge of Bank Sovetsky

The Central Bank of the Russian Federation's banking sector consolidation fund was put in charge of the provisional administration at JSC Bank Sovetsky as part of the regulator's plan to prevent the lender's bankruptcy.

One of the priorities for the fund will be to analyze Sovetsky's financial situation to determine whether further bankruptcy-prevention measures are required, the central bank said Feb. 21.

The aim of the bankruptcy-prevention plan is also to ensure that Sovetsky continues to provide services to its clients and settles existing financial obligations.

Bank Sovetsky was previously owned by financially troubled PJSC Tatfondbank, which took over the lender in 2016 after the launch of a financial rehabilitation program. The regulator revoked the license of Tatfondbank in March 2017.