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Russian regulator fails to sell bailed-out lender

The Central Bank of the Russian Federation invalidated an auction to sell PJSC Asian-Pacific Bank, having failed to attract bidders for its over 99% stake in the lender.

Prior to the March 14 auction, the regulator cleared PAO Credit Bank of Moscow and PJSC Sovcombank to participate in the bidding, but neither took part. Credit Bank of Moscow opted out following the revision of its development strategy in the region where APB operates, while Sovcombank found the price to be too high, news portal Rambler.ru said March 14.

The central bank, which took over Asian-Pacific Bank in 2018, said it will try to sell the lender again in 2020, after the publication of its results for 2019. In the meantime, APB will continue to operate under provisional administration, and the central bank will appoint permanent management bodies in the near future that will work on a development strategy for the bank.