July 27, 2018 / 8:17 AM / 24 days ago

Russia's RDIF, Otkritie to hold 3 percent in bad assets bank

MOSCOW (Reuters) - Russian Direct Investment Fund (RDIF) and Otkritie bank will hold a combined 3 percent stake in a bad assets bank being created from lenders bailed out by the central bank last year, Otkritie said.

The bad assets bank is being created from Trust bank, which was owned by Otkritie, and Rost bank, which was owned by B&N. The new bank will hold bad assets worth more than 2 trillion rubles ($32 billion).

Otkritie said on Friday the banking consolidation fund, a central bank’s vehicle for bailouts, would hold 97 percent of the new bank, Otkritie would hold 2 percent and RDIF would hold 1 percent. RDIF plans to help manage the fund.

Reporting by Katya Golubkova; Editing by Edmund Blair

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