B&N Bank forms subsidiary for issuing debt bonds on foreign market
MOSCOW. March 23 (Interfax) - The board of directors at B&N Bank has approved the acquisition of 100% in B&N Finance Limited, the bank said in a statement.
B&N Finance was formed in March of this year for issuing debt bonds on the foreign market, the bank told Interfax.
"B&N Finance Limited, in which the bank owns 100% after the completion of all formalities, was formed at the start of March of this year. It will act as the issuer of bond and other forex security issues in the bank's interests," B&N Bank said.
The bank currently does not have Eurobonds in circulation. The last time the bank issued three-year LPNs was in 2006.
B&N Bank was 36th biggest bank by assets in Russia for 2011 according to the Interfax-100 ranking, compiled by the Interfax Center for Economic Analysis.
