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Russian regulator initiates merger of 2 bailed-out lenders

The Russian central bank started a merger procedure for National Bank Trust PJSC and JSC Rost Bank, the regulator said May 30.

Both lenders were bailed out by the regulator in the second half of 2017, together with their respective parent companies, Otkritie Financial Corp. Bank and B&N Bank.

The Russian regulator recently announced plans to set up a 2.1 trillion Russian ruble fund of bad and noncore assets, which will hold the assets of National Bank Trust and Rost as well as JSC Avtovazbank, which the central bank also bailed out in 2017. Russian media outlets reported in April that the fund will be set up on the basis of National Bank Trust.

As of May 30, US$1 was equivalent to 62.27 Russian rubles.