MOSCOW—Russia has bailed out a mid-sized bank for about $500 million to save it from bankruptcy— a clear sign that the slide in the value of the ruble in the wake of sliding oil prices is straining the banking system.
The Central Bank said Monday it will give Trust Bank 30 billion rubles that will allow it to continue operating as normal.
It will also place Trust Bank under its own supervision until it finds an investor. Major Russian banks said they had no interest in acquiring Trust, a top 30 Russian bank with about $5 billion in assets.
The problems afflicting Trust …read more
Source: The Epoch Times
