Third Russian bank bailout rocks market

Promsvyazbank_230
By Virginia Furness
18 Dec 2017

Promsvyazbank, Russia’s ninth largest bank by assets, has become the third major Russian private bank this year to be bailed out by the Bank of Russia.

The bank, which has Rb1.2tr ($20bn) of assets, has been placed under the administration of the Bank of Russia’s Banking Sector Consolidation Fund. 

The Bank of Russia’s press service said on Friday that the Bank would provide Promsvyazbank with the “funds to maintain liquidity”, in order to “increase its ...

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