March 21, 2018 / 5:55 PM / in a year

Russian deposit insurance agency will hold 99 pct in PSB - cenbank

MOSCOW, March 21 (Reuters) - Russia’s central bank said on Wednesday the state-run Russian Deposit Insurance Agency would hold a 99 percent stake in defence sector lender Promsvyazbank (PSB) after the agency buys additional shares worth 113.4 billion roubles ($1.98 billion).

The owners of PSB agreed to a central bank bailout last year and the lender is due to be transferred to the state to serve the defence sector amid the risk of an expansion of Western sanctions. The move should help to protect Russia’s top banks such as Sberbank and VTB. ($1 = 57.3125 roubles) (Reporting by Elena Fabrichnaya, writing by Denis Pinchuk, editing by Mark Heinrich)

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