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Otkritie Bank, Russia’s 8th largest, and one of its largest lenders, has been rescued by the Bank of Russia after being on life support for months.
“The Bank of Russia will give the bank financial support, guaranteeing it continues to function without interruption,” the Central Bank statement said, reported The Moscow Times.
“The staff of the interim administration includes employees of the Bank of Russia and the managing company of the banking sector consolidation fund (controlled by Bank of Russia – TASS),” reported Russian state news agency TASS.
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“The financial recovery process with use of money of the banking sector consolidation fund may be broken down into two stages, with implementation of the same to take from 6 to 8 months. The bank will work later on with adherence to all mandatory standards,” the Bank of Russia said.
The recovery will take 6-8 months and the bank will operate normally in the meantime.