Otkritie’s woes continue but sector contagion unfounded

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By Virginia Furness
24 Aug 2017

Otkritie Bank this week offloaded a 19.85% stake in Cypriot RBC Bank in a move that analysts said was an attempt to ease liquidity concerns after what had been a volatile few weeks for the lender. But they dismissed concerns over the sector as being overblown, saying any problems were largely confined to Otkritie.

Bonds issued by Otkritie have slipped since a report published by Acra, Russia’s domestic ratings agency, in June. The downgrade, and subsequent six cash point fall in Otkritie’s bonds to around 94, exacerbated concerns about the sector as a whole, ...

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