Russia-based Otkritie Financial has agreed to purchase 24.17% stake in Otkritie Bank for RUB7.915bn ($239m), after winning the State Corporation Deposit Insurance Agency’s (DIA) auction in late September 2013.
As per Otkritie’s banking business development plan unveiled earlier this year, the stake will soon be transferred to Nomos-Bank, which will boost its stake in Otkritie Bank to 41.17%.
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"This continues the Corporation’s strategy of integrating its banking business with NOMOS-BANK as the banking group’s parent company," Otkritie Financial said in a statement.
Following the completion of the plan, Nomos-Bank will own controlling interests in Otkritie Bank and the Bank of Khanty-Maniysk.
Otkritie Bank will focus to serve retail clients and SMEs, while Nomos-Bank will concentrate on corporate banking.
Furthermore, the Bank of Khanty-Mansiysk will operate as a full-service bank concentrating on the Khanty-Mansi Autonomous District and the Tyumen Region.
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By GlobalDataOtkritie Bank management board chairman Evgeny Dankevich said, "The DIA’s exit from Otkritie Bank demonstrates that the banks that merged into Otkritie Bank have successfully completed their financial recovery and that Otkritie Bank is in a strong market position."
Otkritie Bank was established in 2008 through acquisition of Russian Development Bank by Otkritie FC.
