August 30, 2017 / 7:21 AM / a year ago

Shares in Russia's Otkritie fall after pledges bail out

MOSCOW, Aug 30 (Reuters) - Shares in Otkritie, one of the country’s largest banks, nodded lower on Wednesday after the central bank launched one of the biggest bail outs in its history to save the struggling lender.

The Russian Central Bank said on Tuesday it planned to tap its own funds in order to become a major investor in Otkritie, which has suffered a sustained run on its deposits amid worries about its loan portfolio.

Otkritie shares briefly rose 0.75 percent at the market opening, but later shed 1 percent to 1,327 roubles ($22.57) as of 0713 GMT, compared with a closing price of 1,340 roubles in the previous session. ($1 = 58.7882 roubles) (Reporting by Andrey Ostroukh; Writing by Jack Stubbs)

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