Bank of Russia expects to sell APB, Otkritie as soon as possible

TASS Russian News Agency | Oct 23, 2020 at 7:08 PM

MOSCOW, October 23. /TASS/. The Bank of Russia expects to sell the Asian-Pacific Bank (APB) and Otkritie Bank, which are undergoing rehabilitation, as soon as possible, head of the regulator Elvira Nabiullina said during an online conference.

"We certainly look forward to it and prepare for the sale of both APB and Otkritie as soon as possible," she said.

According to her, the redistribution to the budget of funds that the Bank of Russia was supposed to receive as compensation for the loss from the sale of banks undergoing rehabilitation in 2020-2023 is not related to plans to sell credit institutions.

"This is not related to this, but we really took into account the difficult situation businesses, people are in, so that we need resources to finance programs to support them," Nabiullina explained.

In March, the head of the regulator announced that the Bank of Russia did not plan to postpone the deadline or abandon plans to sell the rehabilitated Otkritie Bank and the Asian-Pacific Bank (APB). Later, Nabiullina called the spring 2022 a realistic date for the sale of Otkritie Bank.

Otkritie Bank was reorganized through the Bank of Russia-controlled Fund for the Consolidation of the Banking Sector in August 2017. The Asian-Pacific Bank came under the control of the Bank of Russia in April 2018.