Aggregated News From Investment Management Regulators

Bank of Russia approves changes to NB TRUST’s anti-bankruptcy plan


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The Bank of Russia has approved amendments to the Plan for the Bank of Russia’s Participation in the Implementation of Measures Aimed at Preventing National Bank TRUST’s Bankruptcy (Registration No. 3279) (hereinafter, the non-core asset bank, NAB). These measures imply the acquisition by the NAB of a range of non-core assets of Public Joint-Stock Company ‘Bank Otkritie Financial Corporation’ (hereinafter, Bank Otkritie Financial Corporation), including the shares of VTB Bank (PJSC).

The shares of VTB Bank (PJSC) are a non-core asset of Bank Otkritie Financial Corporation and are transferred to the NAB in order to eliminate a situation where a systemically important bank holds more than 9% of the shares of a competing systemically important bank having another controlling shareholder.

The acquisition of these assets by the NAB is needed to remove the non-core assets from the balance sheet of Bank Otkritie Financial Corporation within its preparation for selling and was recommended by investment consultants.

The acquisition of the assets will be funded from 1) the NAB’s available liquidity formed as a result of operations with non-core assets, and 2) the Bank of Russia’s deposit.

The Bank of Russia will determine the amount of funding it will provide based on the value of assets to be defined by the organised securities market the day before the transaction, but will not exceed 79.8 billion rubles.

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Regulator Information

Abbreviation: CBR
Jurisdiction: Russian Federation

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