A meeting held by the board of directors of the World Bank gave International Finance Corporation (IFC) the green light to buy into Bank Otkritie, the latter’s press service said in a statement on Wednesday.
IFC is prepared to inject up to $100 mln into the lender.
The investor will enter the bank’s capital upon completion (October 1 — Banki.ru note) of the reorganization procedure via the merger of Bank Otkritie, Otkritie Investment Bank and Bank Petrovsky, a press release said.
The legal execution of the deal is in progress. The transaction is scheduled to be closed by the end of 2010.
For the record, Bank Otkritie (Russian Development Bank until July 23, 2009) is part of Otkritie Financial Corporation, core operations of which are investment and commercial banking, and also asset and fund management. Based on Banki.ru data, as of May 1, 2010 Bank Otkritie’s assets stood at Rub 43.92 bln (79th place in Russia), capital (calculated in line with CBR requirements) totaled Rub 5.34 bln, including the Rub 1.67 bln subordinated loan, the credit portfolio amounted to Rub 27.32 bln and obligations to households equaled Rub 16.78 bln.
