Install

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

. Last Updated: 07/27/2016

BoNY's $4Bln Loan Offer?

Bank of New York Mellon offered to lend Russia $4 billion to settle the country's $22.5 billion money-laundering lawsuit against the bank, Kommersant reported Monday, citing an unidentified Finance Ministry official.

The bank proposed lending Russian banks chosen by the government $400 million every six months at 250 basis points more than the London interbank offered rate, or Libor, the newspaper reported. Andrei Saiko, spokesman for the Finance Ministry, and Ivan Marisin, a lawyer with Clifford Chance, a law firm representing BNY Mellon, declined to comment.

(Bloomberg)