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Russia hit by US$3.4b Promsvyazbank bailout in latest bank blow

This is the third such rescue this year, following those of Otkritie and B&N Bank

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Russia's central bank (above) says it is providing funds to support PSB's liquidity and would send in temporary administrators. However, it adds that there would be no moratorium on paying creditors.

Moscow

RUSSIA'S central bank may have to sink up to US$3.4 billion into its bailout on Friday of Promsvyazbank (PSB), the country's 10th largest private lender, the third such rescue this year.

The bailouts mark the biggest challenge to Russia's financial sector since a financial...

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