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11 July 2018

B&N Bank’s Supervisory Board approves sale of circa RUB 110 billion of non-core assets to Trust Bank

On 9 July 2018, B&N Bank’s Supervisory Board approved the sale of circa RUB 110 billion (gross) of problem and non-core assets to Trust Bank, on the basis of which the Bank for Non-Core Assets is being formed. The sale of these assets will take place in several stages during H2 2018.

In accordance with the Bank’s strategy for working with non-core assets, the sale will include corporate loan exposures and securities.

The sale will lead to a significant improvement in B&N Bank’s asset quality and reduction in the share of non-performing corporate loans, as well as eliminating the risk of having to create additional provisions against these exposures going forward.

It will mark the completion of B&N Bank’s balance sheet clean-up ahead of its merger into Bank Otkritie, planned for completion by 1 January 2019.

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