Russian central bank bails out country’s ninth-largest lender
Bank of Russia also cuts policy rates for fourth time in 2017
The Bank of Russia has moved to bail out what it describes as the country’s ninth-largest bank by asset size.
The central bank has approved a plan to prevent Promsvyazbank from entering bankruptcy, it announced today (December 15). This is the third time this year that the Bank of Russia has taken emergency action over one of the country’s largest private lenders. It also announced that it had cut policy rates for the fourth time this year.
Promsvyazbank is unlikely to have a significant share
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