Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

ARKO to Manage SBS

MOSCOW -- ARKO, the agency charged with restructuring Russian banks, decided Friday to put former agricultural bank giant SBS-Agro under its management and set up a new agricultural bank called Rosselkhozbank, Interfax reported.

First Deputy Prime Minister Viktor Khristenko, who heads ARKO, said Rosselkhozbank would be created without the resources of former giant SBS-Agro but with the Russian Development Bank, Interfax said.

Khristenko said 2 billion rubles ($76 million) would be needed to restructure SBS-Agro but warned that the decision to bail out the bank "absolutely does not exclude bankruptcy proceedings that ... could be initiated at different stages of the restructuring."