September 21, 2017 / 6:38 AM / 9 months ago

Russia's says to become main investor in troubled B&N Bank

MOSCOW, Sept 21 (Reuters) - Russia’s central bank said on Thursday it had agreed to a rescue of troubled lender B&N Bank which will involve the regulator becoming the main investor in B&N Bank and its affiliated banks, and providing financial support.

In a statement, the central bank said there would be no requirement for a bail-in, and no moratorium on creditors’ claims.

The central bank will use money from its Fund for the Consolidation of the Banking Sector to improve B&N Bank’s financial stability, the statement said.

It said the central bank will work with existing shareholders and management, and that the bank would continue meeting its obligations. (Reporting by Polina Devitt; Writing by Christian Lowe; editing by Polina Devitt)

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