As Russia’s second-biggest private bank implodes, its billionaire owners have been conspicuous by their absence.
By leaving Bank Otkritie FC to fend for itself, the four shareholders controlling more than a third of the company – their combined fortune valued at over $20 billion – may be giving the authorities little choice but to swoop in with a rescue. Now the central bank could be left holding the bag as it reportedly considers taking control of the troubled lender amid a run on its deposits.
