Otkritie Holding announced that it has wrapped up the acquisition of a 99.5% interest in Petrcommerce from investment group IFD Kapital. As Otkritie Holding general director Ruben Aganbegyan noted, this is the planned stage of integrating Petrocommerce within banking assets of Otkritie Holding, after which Petrocommerce will merge with Bank FC Otkritie.
For the record, in late January 2015 the Central Bank of Russia announced the beginning of Bank FC Otkritie's reorganization via the takeover of Petrocommerce after shareholders of both banks approved a relevant decision a week ago. The merger should complete this year.
Petrocommerce, upon its takeover, would be used a hub to set up a network of branches, including the Moscow branch, that would focus on serving Lukoil and its staff, Bank FC Otkritie noted.
As part of banking group Otkritie Bank FC Otkritie would focus on corporate investment activities, and Khanty-Mansiysk Otkritie Bank on retail operations. As a result of rehabilitation National Bank Trust would also join the banking group.
IFD Kapital itself became an Otkritie Holding shareholder in 2004 after buying 19.9% of the company's additional shares.
