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Russian regulator puts UFC Bank into provisional administration

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Russian regulator puts UFC Bank into provisional administration

The Central Bank of the Russian Federation placed PJSC United Financial Capital Bank into provisional administration of the Deposit Insurance Agency for six months, citing the lender's unstable financial situation and the need to protect its creditors and deposit holders.

The interim administrators will be tasked with assessing the bank's financial situation, and the powers of the bank's shareholders and management bodies will be suspended while it is under provisional administration, the central bank said March 21.

The regulator also imposed a three-month moratorium on the lender's debt. The introduction of the moratorium constitutes an insured event, which means that retail deposit holders, including individual entrepreneurs, will receive compensation of up to 1.4 million Russian rubles each for deposits at the bank.

UFC Bank is Russia's 81st-biggest lender by total assets, Vedomosti reported March 21. Nikolai Egorov, a school acquaintance of President Vladimir Putin, is the largest shareholder of the bank, with a stake amounting to 25% as of July 3, 2017, the newspaper noted.

As of March 20, US$1 was equivalent to 57.53 Russian rubles.