Sanctioned RNCB in Crimea becomes state bank

14:00, 12.01.2016 1 min read

Russian National Commercial Bank (RNCB), which operates in Crimea and which is under U.S. sanctions, is now wholly owned by the Russian Federation, the bank said in a press release.

The bank's beneficiaries were previously five private individuals, acting via RNCB Holding.

"The Russian Federation, represented by the Russian Federal Property Agency (Rosimuschestvo), now owns 100% of the bank's ordinary shares," RNCB said.

Market sources told Interfax in July 2015 that RNCB might soon be controlled by the state and that Rosimuschestvo might become its main shareholder. The bank said at the time that it did not have such information, and Rosimuschestvo was not available for comment. The agency is now confirming it has become the bank's shareholder.