MENATEP said in a statement that the offer was valid for 14 days, or until
August 20. It also said it was ready to support any rescue proposals from other
banks, if they turned out to be more interesting, even before the expiry time of
its offer.
The central bank first imposed its temporary administration on Tokobank on
May 8, citing liquidity and management problems. It had planned for Bank Moskvy
to rescue Tokobank by buying a controlling stake and making an investment in its
capital. But Bank Moskvy refused, saying the necessary investment was much
higher than it had been led to believe.
Russia's banking community is worried that the situation at Tokobank, one of
the top 20 banks, will damage the local banking system as a whole. Tokobank has
one of the biggest foreign credit portfolios and has the European Bank for
Reconstruction and Development among its shareholders.
Tokobank's Supervisory Council has said it is considering holding a tender
for a strategic investor. UNEXIMBank, another big Russian bank, and a federal
investment company Gosinvest have already made offers to help Tokobank back on
its feet.
((Moscow Newsroom, +7095 941-8520 moscow.newsroom@reuters.com))
REUTERS JST BK
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