Page 29 - bne’s weekly newspaper is out! read here: http://online.flipbuilder.com/myab/ovoz/ subscribe for free here: https://to989.infusionsoft.com/app/form/newspaper-subscription TOP STORIES Galitsky sells 29% stake in Magnit to VTB for $2.4bn Saakashvili deported from Ukraine STORIESbne’s weekly newspaper is out! read here: http://online.flipbuilder.com/myab/ovoz/ subscribe for free here: https://to989.infusionsoft.com/app/form/newspaper-subscription TOP STORIES Galitsky sells 29% stake in Magnit to VTB for $2.4bn Saakashvili deported from Ukraine bne_newspaper_February_23_2018

Weekly Lists
February 23, 2018 www.intellinews.com I Page 29
bne:Banker
Ukraine central bank sees "need to extend" sanctions against Russian lenders
Bulgaria’s president vetoes controversial bank insolvency law
National Bank of Ukraine (NBU) officials believe that the country should extend sanctions against Russian state-run banks operating in Ukraine, which are due to expire on March 16, the regulator's financial stability department director Vitaliy Vavryschuk told journalists on February 21.
Ukrainian President Petro Poroshenko enacted sanctions against Russian state-run banks operating in Ukraine in March 2017.
The sanctions apply to local subsidiaries Sberbank, VS Bank, Prominvestbank, VTB Bank and BM Bank, which between them had around 9% of the Ukrainian market at the time.
Under the measures, the lenders are banned from transferring money out of the country, as well as payment of dividends, interests, return of interbank deposits and loans.
Bulgaria’s President Rumen Radev vetoed on February 21 amendments to the banks insolvency law, adopted earlier the same month as proposed by controversial Bulgarian businessman and MP Delyan Peevski and two other MPs from the opposition ethnic- Turk Movement for Rights and Freedom (DPS).
Most likely, the parliament will ignore Radev's veto and will vote again on the changes tabled in October 2017. The DPS claimed at the time that if adopted they would reveal who robbed bankrupt Corporate Commercial Bank (Corpbank). However, local analysts and opposition parties have argued that this move was an attempt by Peevski to gain control over arms producer Dunarit, which was controlled by Corpbank before the bank’s collapse.
“Society needs to know the exact extent of the consequences of the adopted law,” Radev’s statement said.
The European Bank for Reconstruction and Development (EBRD)
is considering purchasing a minority stake in the embattled International Bank of Azerbaijan (IBA), the multilateral development bank's representative in Baku, Ivana Fernandes Duarte, said in an interview with Reuters on February 20.
IBA is Azerbaijan's biggest bank, accounting for a third of total banking assets. It has been undergoing debt restructuring after defaulting on $3.3bn worth of foreign obligations last May. The lender has needed a government rescue twice since 2015, when a sudden currency depreciation, coupled with a faulty business model and corrupt practices brought it to its knees.
EBRD considers taking minority stake in embattled International Bank of Azerbaijan