RIA NOVOSTI. Otkritie Financial Corporation has plans to finalize by the fall the consolidation of three subsidiary banks (Bank Otkritie, Otkritie Investment Bank and Bank Petrovsky) and intends to fully buy stakes that Nomos-Bank and DIA hold in Bank Petrovsky, Otkritie FC president Boris Mints said on the sidelines of the Russian Economic and Financial Forum in Switzerland, RIA Novosti reported. “We are looking to wrap up the process (consolidation of subsidiaries) by the fall," he said adding at present work is in progress to take toxic assets off Bank Petrovsky.
Mints noted that Otkritie-branded commercial and investment banks are fully owned by the corporation, while in Bank Petrovsky (former Bank EEFC) the corporation holds a 25% block of shares, with the remaining 75% distributed between Nomos-Bank (25%) and DIA (50%). “To begin with, we’ll buy Nomos-Bank’s stake and then will issue additional shares and will buy them all. After the SPO DIA will hold around 20%. Then we’ll purchase the securities held by DIA, but apparently we won’t manage to get this done by the end of year and will end the process in 2011," the corporation’s chief executive said. He did not disclose price tags of the upcoming transactions making reference to the commercial secret.
Nomos-Bank’s equity stake in Bank Petrovsky will be acquired prior to the consolidation of three subsidiary banks, while DIA’s securities will be bought at a later time, Mints said. Therefore DIA will gain a stake in the merged bank in the course of consolidation, he noted. “But we’ll gain a controlling interest (in the merged bank)," Mints said. Otkritie FC expects the merged bank to become a Top 30 player on the Russian financial market.
