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Russia prepares rescue package for Otkritie


One of Russia’s largest banks is in danger of failing.

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Move could be the first time the country’s ‘systemically important’ lenders has failed

by: Max Seddon in Moscow

Russian regulators are preparing a rescue package that would allow them to intervene to save Otkritie, the country’s largest privately held lender, if it succumbs to a growing liquidity crisis, four bankers familiar with the plans told the Financial Times.

Otkritie has lost Rbs611bn ($10.4bn) in deposits — 20 per cent of its balance sheet — in the last two months.

If the central bank did have to intervene, it would mark the first time one of the 10 Russian banks listed as “systemically important” had failed.

Continued at: https://www.ft.com/content/6cdb2a5a-89a7-11e7-8bb1-5ba57d47eff7

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