Russia’s B&N bank seeks bailout

AFP, MOSCOW: B&N Bank, Russia's 12th biggest lender by assets, yesterday asked the central bank for a bailout, less than a month after another major Russian bank had to be rescued.

"The owner of B&N Bank has asked the Bank of Russia to consider the possibility of a rescue of the bank," the central bank said in a statement.

"We will make a decision on this issue in the near future," it added.

B&N Bank, known locally as Binbank, was founded in 1993 and is part of the Safmar Group that also includes oil and property companies and is controlled by tycoon Mikhail Gutseriyev and his family.

B&N Bank said Mikhail Shishkhanov, a co-owner of the bank, would once again head the lender's board of directors and together with the central bank work on a bailout package. "We are currently in active negotiations with the Central Bank of Russia," he was quoted as saying.

Russias B&N bank seeks bailout

AFP, MOSCOW: BN Bank, Russias 12th biggest lender by assets, yesterday asked the central bank for a bailout, less than a month after another major Russian bank had to be rescued. The owner of BN Bank has asked the Bank of Russia to consider the possibility of a rescue of the bank, the central bank said in a statement. We will make a decision on this issue in the near future, it added. BN Bank, known locally as Binbank, was founded in 1993 and is part of the Safmar Group that also includes oil and property companies and is controlled by tycoon Mikhail Gutseriyev and his family. BN Bank said Mikhail Shishkhanov, a co-owner of the bank, would once again head the lenders board of directors and together with the central bank work on a bailout package. We are currently in active negotiations with the Central Bank of Russia, he was quoted as saying.