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Moscow Industrial Bank moves to merge with Volga-Oksky Bank

PAO Moscow Industrial Bank notified the Central Bank of the Russian Federation about restructuring via a merger with ZAO Volga -Oksky Commercial Bank, the Russian regulator said Sept. 26.

The central bank bailed out the two lenders earlier in 2019, and provided them with a total capital boost of more than 131 billion Russian rubles in July.

The regulator, which controls both lenders after the bailout, initially explored the possibility of selling Volga-Oksky to investors, but said in August it did not receive any offers from potential buyers therefore it decided to merge the lender with Moscow Industrial Bank.

As of Sept. 26, US$1 was equivalent to 64.28 Russian rubles.