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Report: Russia's DIA opens procedure to sell 2 former Life lenders

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Report: Russia's DIA opens procedure to sell 2 former Life lenders

Russia'sDeposit Insurance Agency put up for sale OJSC Commercial Bank Poidem! and National Savings Bank,which used to be part of Russian financial group Life, Vedomosti reported April 29.

Potentialbuyers have been asked to submit bids by June 17, with an auction to take placeJune 22. The initial asking price amounts to 771.9 million Russian rubles forPoidem and 306.7 million rubles for National Savings Bank, the newspaper noted,adding that DIA unit BankRossiysky Capital (PJSC) is interested in acquiring Poidem Bank.

Themain lender of Life Group, OAOAKB Probusinessbank, lost its licensein August 2015, while several other banks from the group have been taken overby various under bailout programs launchedfor the banks.

As of May 2, US$1 wasequivalent to 65.05 Russian rubles.