Economics
Russia to Bail Out Second Major Bank in Month as Troubles Spread
- Central bank to provide funds to support B&N liquidity
- Bank Otkritie FC was rescued in August after run on deposits
An electronic sign advertises foreign exchange rates for dollars and euros outside an OAO B&N Bank branch in Moscow.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Russia’s central bank agreed to bail out B&N Bank, one of the top five closely held lenders, as the second major rescue in less than a month stokes concerns of a wider crisis.
The Bank of Russia will provide B&N with funds to bolster its liquidity after the lender asked for the help, the regulator said in a statement Wednesday. Last month it took over Bank Otkritie FC following a run on deposits.