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Russian regulator approves rescue plan for B&N Bank

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Russian regulator approves rescue plan for B&N Bank

The Central Bank of the Russian Federation approved a plan for its participation in the implementation of financial recovery measures for B&N Bank, which includes the recapitalization of the lender and the provision of funds to maintain liquidity and increase its financial stability, the regulator said Oct. 13.

The financial details of the plan were not disclosed. Central bank Deputy Chairman Vasily Pozdyshev recently estimated the financial rehabilitation costs for the lender at between 350 billion Russian rubles and 370 billion rubles.

The regulator decided to bail out B&N Bank in September, with the recovery plan also including JSC Rost Bank, B&N Digital and JSC Uralprivatbank.

As of Oct. 13, US$1 was equivalent to 57.20 Russian rubles.