Russia bails out major private lender Promsvyazbank
{{#rendered}} {{/rendered}}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.
{{#rendered}} {{/rendered}}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.