December 26, 2017 / 12:27 PM / 2 months ago

Russia's Finance Ministry says supports merger of Otkritie, B&N, Promsvyazbank: RIA

MOSCOW (Reuters) - Russia’s Finance Ministry said on Tuesday it supports the merger of Otkritie OFCB.MM, B&N Bank and Promsvyazbank PSBR.MM, three troubled lenders bailed out by the central bank this year, according to a RIA news agency report.

“This idea does indeed exist... Even though it would make it very big and very difficult to sell as a whole to a strategic investor. I believe that ultimately the best solution would be an IPO,” Deputy Finance Minister Alexei Moiseev told RIA, adding that the final decision would be in the hands of the central bank.

Writing by Polina Ivanova; Editing by Vladimir Soldatkin

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