On measures aimed at improving financial stability of PJSC B&N Bank and JSC Rost Bank
The Bank of Russia decided to implement a number of measures aimed at improving the financial stability of Moscow-based Public Joint-stock Company B&N Bank and Moscow-based Joint-stock Company Rost Bank, further referred to as ‘the Banks’.
As part of these measures, the Bank of Russia will act as a key investor, with the funding coming from the Banking Sector Consolidation Fund.
The measures aimed at improving the Banks’ financial stability are being implemented in cooperation with the Banks’ current owners and executives, which is set to secure the continuity of their operations in the banking sector, as well as, moving forward, make all necessary arrangements towards the Banks’ operational development in the future.
PJSC B&N Bank, JSC Rost Bank and their subsidiaries (Moscow-based JSC B&N Bank Digital and Yekaterinburg-based JSC URALPRIVATBANK) continue to operate in the ordinary course of its business, meeting their obligations and conducting new transactions. The Bank of Russia will provide financial support to the banks and guarantee the continuity of its operations.
No moratorium on payments under creditors’ claims is introduced. No bail-in option will be applied.
According to its Order No. OD-2723, dated 20 September 2017, and pursuant to Articles 189.25, 189.26, 189.31 of Federal Law No.127-FZ, dated 26 October 2002, the Bank of Russia appointed a provisional administration to manage PJSC B&N Bank.
According to its Order No. OD-2724, dated 20 September 2017, and pursuant to Articles 189.25, 189.26, 189.31 of Federal Law No.
The provisional administrations are composed of Bank of Russia officers and employees of the Banking Sector Consolidation Fund management company (LLC UK FKBS).
PJSC B&N Bank was established on 6 March 1991; it is an important credit institution ranked 8th by assets. The Bank includes 12 branches, 1 representative office and over 400 structural divisions.
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