Bursa Alert
Global Market
NewsRecord-breaking US$14bil bailout in Russia
Page 1 of 1
Record-breaking US$14bil bailout in Russia
by hlk Mon 04 Jul 2011, 07:29
MOSCOW: Bank of Moscow received the largest bailout in Russian banking history on Friday after a hostile takeover bid by VTB revealed a gaping hole in the books of Russia's fifth largest bank.
The US$14bil rescue package was bigger than expected and followed a central bank review on Bank of Moscow's books that found bad loans totalling US$9bil, or nearly a third of its assets.
VTB accused the former Bank of Moscow management, led by Andrei Borodin, of “fraudulent lending”, and Finance Minister Alexei Kudrin demanded a criminal probe. - Reuters
The US$14bil rescue package was bigger than expected and followed a central bank review on Bank of Moscow's books that found bad loans totalling US$9bil, or nearly a third of its assets.
VTB accused the former Bank of Moscow management, led by Andrei Borodin, of “fraudulent lending”, and Finance Minister Alexei Kudrin demanded a criminal probe. - Reuters
hlk- Moderator
- Posts : 19013 Credits : 45112 Reputation : 1120
Join date : 2009-11-14
Location : Malaysia
Similar topics» Alibaba raises $21.8 billion in record-breaking U.S. IPO
» Hot Stock Vitrox leaps 6.8% following record breaking quarterly results
» PBoC’s US$14bil fund injection eases cash crunch fears (update)
» Noon Market KLCI breaches record close, eyes intraday record high
» Russia says U.S. threat of force against Syria unacceptable
» Hot Stock Vitrox leaps 6.8% following record breaking quarterly results
» PBoC’s US$14bil fund injection eases cash crunch fears (update)
» Noon Market KLCI breaches record close, eyes intraday record high
» Russia says U.S. threat of force against Syria unacceptable
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum|
|
|