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Russian central bank acquires Rost Bank, National Bank Trust shares

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Russian central bank acquires Rost Bank, National Bank Trust shares

The Central Bank of the Russian Federation became the owner of 99.9% stakes in JSC Rost Bank and National Bank Trust PJSC, having purchased shares worth 350 million Russian rubles and 300 million rubles, respectively, the regulator said May 14.

The central bank moved to bail out the lenders in 2017, together with their parents B&N Bank and Otkritie Financial Corp. Bank.

Central bank deputy head Vasily Pozdyshev said in April that National Bank Trust would be transformed into a fund that would take over 1.1 trillion rubles worth of toxic assets from recently bailed-out lenders. The toxic assets will be transferred to the fund from National Bank Trust itself, as well as from Rost Bank, PAO Promsvyazbank and its unit JSC AVTOVAZBANK.

As of May 14, US$1 was equivalent to 61.78 Russian rubles.