Russia bails out major private lender Promsvyazbank

The Russian Central Bank says it has started bailout proceedings for one of the country's biggest private lenders, Promsvyazbank.

The Central Bank says that, as Russia's ninth-largest lender with 1.3 trillion rubles ($22 billion) in assets, Promsvyazbank is considered "systemically important" to the financial system.

It has sent administrators to take temporary charge of Promsvyazbank and is providing financial help to support its liquidity.

It's the third major private lender to be bailed out this year, following similar arrangements for Otkritie — once Russia's largest private lender — in August and B&N Bank in September.

The Central Bank says Promsvyazbank is "continuing to work as normal, fulfilling its obligations and making new deals."

Promsvyazbank is majority-owned by brothers Alexei and Dmitry Ananiev, the latter of whom is also the chairman.