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Russia's B&N Bank says client outflows stopped in October
October 25, 2017 / 7:08 PM / in a month

Russia's B&N Bank says client outflows stopped in October

MOSCOW, Oct 25 (Reuters) - Russian lender B&N Bank said on Wednesday that client outflows from its accounts stopped in October after the Russian central bank approved a rescue plan.

Russia’s banking sector is under intense scrutiny after the central bank had to step in to save B&N Bank and Otkritie - two of the country’s biggest private lenders - in the space of a month.

“In October, in light of measures undertaken by the Russian central bank to improve the financial stability of B&N Bank, the outflow of client funds stopped. The liquidity situation has completely stabilised,” B&N Bank said in a statement.

The central bank approved a rescue plan for B&N Bank, including a capital increase and liquidity support, earlier this month.

Central bank Deputy Chairman Vasily Pozdyshev has said the financial rehabilitation of B&N Bank could cost up to 370 billion roubles ($6.4 billion).

$1 = 57.7900 roubles Reporting by Yelena Orekhova and Elena Fabrichnaya; Writing by Jack Stubbs; Editing by Susan Fenton

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