March 6, 2018 / 2:11 PM / 3 months ago

Russia cenbank to spend $1 bln to bail out B&N Bank

MOSCOW, March 6 (Reuters) - The Russian central bank will spend 56.9 billion roubles ($1.01 billion) to buy shares in B&N Bank under its rescue programme of the troubled lender, the central bank said on Tuesday.

The central bank also said it planned to merge B&N Bank with Otkritie, which it also bailed out last year, by April 1, 2019.

$1 = 56.3475 roubles Reporting by Maxim Rodionov Writing by by Andrey Ostroukh Editing by Louise Heavens

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