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NewsRecord-breaking US$14bil bailout in Russia
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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
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