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Russian finance ministry favors Otkritie-B&N-Promsvyazbank merger

Russian Finance Minister Alexei Moiseev said the ministry supports a tie-up between Otkritie Financial Corp. Bank, B&N Bank and PAO Promsvyazbank, Reuters reported Dec. 26, citing RIA Novosti.

Moiseev said a final decision would be made by the Central Bank of the Russian Federation, which rescued the three beleaguered banks in 2017.

"This idea does indeed exist ... even though it would make it very big and very difficult to sell as a whole to a strategic investor. I believe that ultimately the best solution would be an IPO," Moiseev told the Russian news agency.