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Otkritie bank's bailout likely to be biggest in Russia's history

Central bank's aid through money printing, capital injection may total US$6.9b

Published Sun, Sep 3, 2017 · 09:50 PM
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Moscow

RUSSIA'S Otkritie bank has a hole in its balance sheet that could be as large as US$6.9 billion, a central bank deputy governor told Reuters, a shortfall that would make the bailout now underway the biggest in Russia's history.

Earlier last week, the central bank announced it was taking over control of Otkritie, Russia's largest private bank, saying the bank's ambitious expansion drive and a run on deposits had left it with insufficient capital.

"According to a preliminary assessment, taking into account…

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