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Published: Friday March 7, 2014 MYT 3:45:02 PM
Updated: Friday March 7, 2014 MYT 3:46:10 PM

Bank of Russia says preventing bankruptcy of Ukrainian bank's Moscow unit

MOSCOW, Mach (Reuters) - Russia's central bank is taking steps to prevent the bankruptcy of Moskomprivatbank, the Moscow subsidiary of Ukraine's Privatbank, the Bank of Russia said on Friday.

The central bank said it was taking the measures under a law on banking system stability which enables the state-run Deposit Insurance Agency to provide financial assistance to banks, acquire their property and liabilities, acquire shares, and sell collateral.

The Deposit Insurance Agency has been appointed as the bank's temporary administrator, the central bank said.

It added that, "Moskomprivatbank continues to work in a normal regime, all clients, including depositors of the bank, can use its services."

On Thursday the central bank announced that it had placed Moskomprivatbank, Russia's 95th biggest by assets, under temporary administration, but that it would not revoke the bank's licence.

Privatbank is a part of Ukraine's Privat group, co-founded and co-owned by Igor Kolomoisky, who was appointed by Ukraine's Acting President Oleksandr Turchinov as governor of Dnipropetrovsk region, Kolomoisky's birthplace, a few days ago.

On Tuesday Russian President Vladimir Putin called Kolomoisky "a unique impostor", accusing him of violating a contract with Russian businessman Roman Abramovich.

(Reporting by Jason Bush)


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