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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.

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