Friday, January 15, 2016

Troubled Russian Bank Looking To Orthodox Church For Salvation

From bne Intellinews:

Frock bottom: Russia’s Orthodox Church may buy troubled bank
A new saviour may have been found for Russia's crisis-ridden banking sector in the form of the men in black from the Orthodox Church.

The Church is in talks to buy a controlling stake in Ergo Bank, RBC reported on January 12, citing sources close to the Moscow-based lender and the Church.

The semi-divine intervention followed a statement on Ergo Bank's website on January 11 admitting the lender was suffering from "liquidity problems". The bank, which has a Roman legionnaire motto meaning "You must, so you can", said it was on its knees looking for a new investor or a state bailout over the next two weeks.

"I ask all of our customers in these difficult times to treat current problems with understanding and not to prematurely terminate their deposit accounts," chairman of the bank Vyacheslav Barmin implored clients in the statement....MORE 
 HT to and headline from: Russia Insider combined feed.