Russia’s Central Bank is bailing out Moscow-based Trust Bank, in a bid to rescue it from insolvency.

The Central Bank has already issued a loan of RUB 30bn ($549m) to the Trust Bank which will help the lender continue normal operations.

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The central bank’s Deposit Insurance Agency will take over supervision of the lender till an investor is found.

Meanwhile, Trust Bank has issued a statement saying that the move was not triggered by bankruptcy but was a restructuring strategy and all obligations would be met "in full and without any restrictions."

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