Russia seized control of stricken lender Bank Otkritie FC after the bank lost a quarter of its deposits in recent months and the return of its largest shareholder failed to steady investor nerves.
The rescue — Russia’s first of a systemically important lender — will see shareholders’ stake in the bank shrink to a maximum 25 percent and potentially be wiped out, according to a statement on August 29. Investors with subordinated debt may also see their paper become worthless.
