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Report: Russia's DIA seeks new investors for National Bank Trust's bailout

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Report: Russia's DIA seeks new investors for National Bank Trust's bailout

Russia'sDeposit Insurance Agency announced another tender to select an investor toparticipate in a financial recovery plan for National Bank TRUST PJSC, Kommersant reported May 4, citing Trust's IFRS financial report for2015.

Thelender reportedly said in the report that the DIA in December 2015 completed acomprehensive review of the bank's financial position and decided to change thefinancial conditions of the recovery program launched for the lender. Consequently, a new tender fora bailout investor was announced.

, whose unitOtkritie Financial Corp.Bank was initially selected as an investor for Trust's financialrecovery plan, asked for more funds for the bailout, but the Russian centralbank and the DIA said at the time that granting additional financial assistanceor changes in the conditions of the program would require a new competition.