Central Bank of Russia approves B&N Bank recapitalisation in the amount of RUB 56.9 billion
The Central Bank of Russia (CBR) has approved the provision of RUB 56.9 billion for the recapitalisation of B&N Bank as part of measures to improve the Bank’s financial stability. The funds will be used to purchase an additional issue of B&N Bank’s shares.
Upon the CBR’s purchase of B&N Bank’s additional share issue and Rost Bank’s repayment in the immediate future of interbank loans received from B&N Bank, B&N Bank will be in compliance with all CBR regulatory capital adequacy ratios on a standalone basis, including all capital buffer requirements.
In addition, in its press release regarding the recapitalisation, the CBR noted that the merger of B&N Bank and Bank Otkritie Financial Corporation is scheduled for completion before 1 April 2019.