Bank of Russia, the Russian apex bank, has unveiled plans to invest approximately RUB56.9bn ($1bn) to recapitalise the troubled lender B&N Bank.

The funds will be invested to acquire the B&N Bank’s follow-on offering.

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A follow-on offering is an issuance of stock subsequent to the company’s initial public offering (IPO).

In a statement, Bank of Russia said: “Following the Bank of Russia’s purchase of the bank’s follow-on offering and once the Bank’s credit claims to JSC Rost Bank have been settled, the bank will become compliant with its individual required reserve ratios and capital adequacy buffers.”

B&N Bank is slated to be combined with PJSC Bank Otkritie Financial prior to 1 April 2019.

B&N BANK ranks among the top 10 largest Russian banking groups by assets. The lender operates in more than 170 cities and 64 regions.

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Additionally, it has a multichannel distribution network with more than 400 offices, approximately 15,000 ATMs and over 24,000 POS-terminals.