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Report: Regulator demands capital hike, ownership changes at Asian-Pacific Bank

The Russian central bank told PJSC Asian-Pacific Bank to bolster its capital and change its key shareholders, Vedomosti reported March 23.

The central bank first instructed the owners of the lender to reduce their stakes below 10% following the 2016 collapse of Asian-Pacific Bank unit PJSC M2M Private Bank. The lender changed its ownership structure in December 2017, but the changes did not satisfy the regulator, which wants to see a new investor able to recapitalize the bank, unnamed sources told the newspaper.

The central bank also asked Asian-Pacific Bank to set aside full provisions on a loan to M2M Private Bank by the beginning of April, the newspaper noted. Having already created provisions for around 80% of the loan in 2017, the lender still needs to set aside at least 1.56 billion rubles to cover the credit, which will negatively affect its capital levels and leave it vulnerable to any market stress, Vedomosti said.

Asian-Pacific Bank is based in Blagoveshchensk in eastern Russia. M2M Private Bank is based in Moscow.

As of March 23, US$1 was equivalent to 57.13 Russian rubles.