MOSCOW - Russia's Otkritie bank has a hole in its balance sheet that could be as large as $6.9billion (R8921bn), a central bank deputy governor said, a shortfall that would make the bailout now under way the biggest in Russia’s history.
Last week, the central bank announced that it was taking over control of Otkritie, Russia’s largest private bank, saying its ambitious expansion drive and a run on deposits had left it with insufficient capital.
“According to a preliminary assessment, taking into account that not all the group’s assets have been studied the volume of extra capital the group would need is between 250bn roubles (R56.18bn) and 400bn roubles,” Central bank deputy governor Vasily Pozdyshev said.