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Russian central bank gets 99.9% stake in Otkritie Bank, may provide more funding

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Russian central bank gets 99.9% stake in Otkritie Bank, may provide more funding

The Central Bank of the Russian Federation became the owner of 99.9% ordinary shares of Otkritie Financial Corp. Bank, as part of the lender's financial recovery and 456.2 billion Russian ruble recapitalization plan for the group, the regulator said Dec. 11.

The central bank does not rule out that Otkritie could receive further funding in 2018, although it would depend on how it proceeds with the the financial rehabilitation of National Bank Trust PJSC, Reuters reported Dec. 8, citing comments emailed by the regulator. Trust became part of Otkritie Group after its 2014 bailout.

If the central bank decides to earmark additional financial assistance for Trust, Otkritie may be able to release provisions for bad loans related to Trust, the newswire cited the regulator as saying.

As of Dec. 8, US$1 was equivalent to 59.24 Russian rubles.