October 4, 2017 / 11:30 AM / a year ago

Russia's B&N Bank says to write off $227 mln in subordinated debt

MOSCOW, Oct 4 (Reuters) - Russia’s B&N Bank, which is being rescued by the central bank, said on Wednesday it will write off subordinated debt worth $226.56 million.

The write-off procedure was initiated by a drop in B&N Bank’s base capital adequacy ratio, the lender said in a statement.

This ratio stood below 5.125 percent for more than six days, which is a condition for writing off subordinated debt that the bank had in its incremental capital, B&N said. (Reporting by Elena Fabrichnaya and Yelena Orekhova; Writing by Andrey Ostroukh; Editing by Christian Lowe)

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