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Thursday, July 27, 2017

Otkritie FC Bank to help Trust Bank bounce back

The Deposit Insurance Agency (DIA) of Russia has designated Otkritie FC Bank as an investor to help rehabilitate Trust Bank, the financial institution said recently.

The DIA plans to cover the difference in Trust's balance sheet assets and liabilities, amounting to $1.68 billion. In addition to that, the DIA will loan $473 million to Otkritie to maintain Trust Bank's liquidity.

Both the DIA and Otkritie will be responsible for managing Trust's finances until a rehabilitation plan can be implemented.

“We have extensive experience in acquiring and integrating assets, including as part of financial rehabilitation efforts,” Otkritie FC Bank President Dmitry Romaev said. “The rehabilitation will ensure maximum protection of the interests of the bank’s clients and will be for the benefit of the entire banking system. As regards Otkritie Group, participation in the project will let us expand our client base and strengthen our position in the retail segment.”

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