Otkritie Financial Corporation purchased a 14.3% interest in Bank Otkritie from the International Finance Corporation and assigned this holding to Nomos-Bank.
Both transactions are equal in terms of value (Rub 4.23 bln).
So, the financial corporation indirectly holds nearly 100% of Bank Otkritie, and Nomos-Bank consolidated its controlling interest. This shareholding structure is in line with the strategy aimed at setting up a merged banking group of Otkritie Financial Corporation.
“We are grateful to IFC for cooperation which for a couple of years was an important factor for the successful implementation of Bank Otkritie’s development strategy," Otkritie Financial Corporation board chairman Ruben Aganbegyan pointed out, adding IFC injected funds into Bank Otkritie in the course of establishment of a unified retail lender on the basis of assets rehabilitated by the group and provided substantial support at this stage. The corporation pulled out of the bank upon agreement with Otkritie Financial Corporation. This was driven by the corporation’s plans to make up a consolidated banking group in which minority shareholders hold shares only at Nomos-Bank. At the same time, the corporation hopes that its cooperation with IFC will continue within other projects.
“This project illustrates IFC’s strategic role in injecting funds into the Russian banking sector. Goals set by the bank three years ago were successfully attained. Bank Otkritie wrapped up consolidation of several banks and turned into a remarkable player in the SME lending segment," Tomasz Telma, IFC Director for Europe and Central Asia, said.
To remind, IFC bought a 15.7% stake in Bank Otkritie for Rub 3.03 bln in March 2011. Later IFC’s holding was proportionately reduced to 14.3% by Bank Otkritie’s additional share issue.
