Russia’s Central Bank Rescues Otkritie After Run on Deposits

Russia stepped in to seize control of stricken lender Bank Otkritie FC after a run on deposits and a drop in assets accelerated during recent weeks.

The nation’s central bank will become Otkritie’s main investor, marking the first time it has bailed out a systemically important lender, according to an e-mailed statement Aug. 29 from the regulator. It will finance the rescue through a new fund created to assist in the consolidation of the banking sector.

Otkritie began experiencing massive deposit outflows in June, with clients withdrawing the equivalent of about $7.4 billion that month and the next. In a ...