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Russian regulator approves capital boost for B&N Bank

The Central Bank of the Russian Federation plans to spend 56.9 billion Russian rubles on recapitalizing B&N Bank, bailed out by the regulator in September 2017.

The capital boost will be carried out via the purchase of additional shares to be issued by B&N Bank. After the regulator acquires the additional shares and settles the lender's financial obligations to its unit JSC Rost Bank, B&N Bank's capital ratios will meet regulatory requirements, the central bank noted March 6.

The regulator also said it plans to merge B&N Bank and Otkritie Financial Corp. Bank, also bailed out in 2017, by April 1, 2019. The central bank's head Elvira Nabiullina said in February that the merged bank would be sold when it is ready for the transaction. The Russian regulator already allocated 456.2 billion rubles in a rescue package for Otkritie Bank.

As of March 6, US$1 was equivalent to 56.73 Russian rubles.