CIT Finance does not pay for a number of repo transactions

CIT Finance does not pay for a number of repo transactions

Newsroom investment bank CIT Finance does not pay for repo transactions (sale of securities with an obligation to reverse repurchase) at 6 billion rubles from about 15 contractors.

According to unofficial data, the bank does not calculate before VTB, Nomos-Bank, Communications Bank. Among the "victims" also known as counterparties KIT Merrill Lynch, "Renaissance Capital", Alfa Bank and Uralsib. " Representatives of banks do not comment on the situation.

In a statement CIT Finance notes that the failure of several customers of their obligations, the bank, in turn, has not fulfilled some obligations to contractors. The bank noted that intensive work is under way to resolve the situation.

Experts warn: liquidity problems for the entire market, can go a chain reaction of defaults on securities transactions and series of bankruptcies.

In banking circles say that CIT Finance is negotiating the sale of VTB, but information has not yet officially commented.