PRIME-TASS. The Federal Anti-Trust Service (FAS) has approved B&N Bank’s request to take over its Ufa-fased subsidiary, Bashinvestbank.
For the record, in late November 2008 B&N Bank picked up a 76% interest in Bashinvestbank, and a deal was transacted with support from the Bank of Russia and the Deposit Insurance Agency (DIA). At that time Bashinvestbank was a Top 400 bank and a leading lender in the Republic of Bashkortostan. B&N Bank acted as the banking system’s rehabilitator for the first time, and Bashinvestbank was the first lender in the republic that went through rehabilitation.
Since early November 2008 Bashinvestbank reported a technical gap in liquidity, i.e. a temporary shortage of cash in hand as households withdrew funds from deposit accounts and accounts in the amounts exceeding the bank’s plans. As a result, the bank announced a delay in the fulfillment of its current obligations. In this connection, the National Bank of the Republic of Bashkortostan CBR’s regional representative office) submitted documents to the Central Bank of Russia seeking support for Bashinvestbank.
