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. Last Updated: 07/27/2016

SBS-Agro Successor

MOSCOW -- Twenty branches of defunct SBS-Agro bank will be handed over to a new state agricultural bank, Selkhozbank, which ARKO, the agency for restructuring credit organizations, plans to create out of SBS-Agro's ashes, Prime-Tass quoted a source close to the bank as saying Wednesday.

ARKO officials first announced plans to create the state agriculture bank last November, saying that SBS-Agro's credit portfolio in the agricultural sector would be transferred to Selkhozbank, but little progress has been made. Acting President Vladimir Putin is expected to sign Feb. 13 a resolution giving Selkhozbank the status of a state-owned bank, Prime-Tass reported.