VEDOMOSTI. Otkritie Financial Corporation, which has not yet finalized the rehabilitation of two banks, intends to bring these banks under one roof this year and find investors in a private offering and stage an IPO next year, Vedomosti business daily wrote on Wednesday.
By October 1 Otkritie Financial Corporation plans to wrap up consolidation of Bank Otkritie and Bank Petrovsky, the corporation’s chief executive Mikhail Belyaev said. Bank Otkritie is planned to be used as a hub. According to him, CBR’s committee for banking supervision already agreed upon a relevant proposal with the Deposit Insurance Agency (DIA, owns 50% of Bank Petrovsky). Currently the financial corporation, which holds a 25% interest in Bank Petrovsky, is in the process of acquiring a 25% stake from Nomos-Bank. The merged bank’s aggregate capital will total Rub 15 bln and assets will be around Rub 100 bln. This will allow the lender to become a Top 30 bank in Russia by capital, Belyaev hopes.
The financial corporation could stage a private offering of the bank’s securities among portfolio investors in late 2010 or early 2011. And the lender could go public in early 2012, Belyaev went on to say. “We are not going to jam on the brakes during consolidation and we could need additional capital for new acquisitions," he explained. According to him, the financial corporation is prepared to offer 5—10% of the merged bank’s capital to institutional investors.
DIA and CBR will continue to take part in adopting strategic decisions on the merged bank, as it will keep on operations in the course of rehabilitation procedure, Belyaev said. He pointed out that DIA should pull out of the merged bank in 2014, but the agency could sell off its stake earlier.
