Russia's Central Bank: B&N Bank may need up to extra $4.3-$6.03 billion

Russia's Central Bank: B&N Bank may need up to extra $4.3-$6.03 billion

Russia’s B&N Bank could need between 250 billion rubles and 350 billion rubles ($4.3-$6.03 billion) in additional provisions for bad loans, Russia's central bank deputy governor, Vasily Pozdyshev, said.

Pozdyshev noted that the estimate was preliminary and will be adjusted after the central bank conducts all its evaluations.

He said that Mikail Shishkhanov and Mikhail Gutseriyev, the banking group’s owners, are transferring assets that are not collateral for loans from their investment vehicle Safmar to B&N Bank, as a part of the bail out process, Reuters reported.

He said the central bank wants to limit funds it spends itself on the rescue of B&N Bank, which is Russia’s 12th biggest bank by assets.

The central bank announced earlier on Thursday it is bailing out the troubled lender.

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