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National Bank Trust completes merger with Avtovazbank

Russia's bad bank National Bank Trust PJSC finalized its merger with JSC Avtovazbank, which was taken over by the Russian central bank in December 2017 together with its parent PAO Promsvyazbank.

The merger also includes the transfer of 340 billion Russian rubles worth of problem assets from Avtovazbank to Trust.

The absorption of Avtovazbank completes the process of transferring bad assets from several other bailed-out lenders to Trust, the bank said March 11. In addition to Avtovazbank, Trust also took over the problem assets of Otkritie Financial Corp. Bank, B&N Bank and Rost Bank, with the value of nonprofile and nonperforming assets held by Trust reaching about 2 trillion rubles.

Meanwhile, Kommersant reported separately the dame day that 12.9% of shares of Public Joint Stock Co. Financial Group FUTURE changed hands via recent transactions on the Moscow Exchange, with National Bank Trust being the likely seller.

The shares could have been purchased by entities associated with Russian investment company Region and Cyprus-based Riverstretch Trading & Investments Ltd., which took control of Financial Group Future in 2018 and could be getting ready to squeeze out minority shareholders from the group, the newspaper reported.

As of March 8, US$1 was equivalent to 66.39 Russian rubles.