Prince Alwaleed may buy stake in Russia’s bankrupt Bank Jugra: report

Prince Alwaleed Bin Talal, chairman of Kingdom Holding Co. (KHC), has expressed interest in buying a stake in Bank Jugra, which has recently gone bankrupt, said Alexey Khotin, a major shareholder in Jugra.

Prince Alwaleed reportedly said he would only buy the stake if the bank resumes operations, Khotin told Russia Today (RT).

In July, the Central Bank of Russia revoked Bank Jugra’s license due to alleged fraud activities.

Before ordering the closure of Jugra, the regulator had put the lender under provisional administration for six months to avoid a banking crisis in the country.

Bank Jugra, Russia’s 30th largest bank by assets, is considered one of the country’s major lenders, according to RT.