The banking regulator acquired a stake in Otkritie after rescuing it in 2017. Credit: BIld av Olga Oginskaya från Pixabay.

Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

Russia’s central bank has completed the sale of bailed-out lender Otkritie Bank to VTB Bank in a deal valued at RUB340bn ($5.03bn).

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

“VTB Bank has fulfilled its obligations to the Bank of Russia by paying for the shares of PJSC Bank FC Otkritie in full. In accordance with the concluded agreement on the sale of PJSC Bank FC Otkritie, 100% of the bank’s shares were transferred by the Bank of Russia to VTB Bank,” TASS quoted the Bank of Russia as saying. 

The deal, which was signed last week, comprised RUB233.12bn ($3.45bn) in cash and federal government bonds worth over RUB106.87bn ($1.57bn).

The banking regulator acquired a stake in Otkritie after rescuing the bank in 2017. Ever since the Bank of Russia had been trying to sell its stake in the bank.

According to the central bank, it invested RUB555bn ($8.22bn) in the bailout and expects to receive a RUB352bn ($5.21bn) refund after taking dividends into account, it said earlier. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

UniCredit, an Italian banking major, had expressed interest in buying Otkritie in January 2022 but the plan got derailed due to the geopolitical tensions caused by the crisis in Ukraine.

Both VTB and Otkritie have been targeted by sanctions imposed by the US-led western alliance in response to the Russia’s invasion of Ukraine.

Earlier this month, the US Department of the Treasury Office of Foreign Assets Control (OFAC) sanctioned 17 subsidiaries of VTB and Rosbank.