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M&A: Otkritie FC acquires from 24.17% of Otkritie Bank from DIA for RUB 7.915 billion

Otkritie FC acquired the Deposit Insurance Agency's 24.17% stake in Otkritie Bank, Otkritie FC informed.

The transaction value was RUB 7.915 billion. Otkritie FC won the right to acquire this stake at an auction in late September 2013.

In line with Otkritie FC's previously announced banking business development strategy, the stake will soon be transferred to Nomos-Bank (in which Otkritie FC holds a controlling stake), increasing Nomos' stake in Otkritie Bank to 41.17%. This continues the corporation's strategy of integrating its banking business with Nomos-Bank as the banking group's parent company.

As follows from the previously announced strategy, Nomos-Bank being the group's parent company will own controlling stakes of Otkritie Bank and the Bank of Khanty-Mansiysk. The Group's total assets will exceed RUB 1.2 trillion. In August 2013, Nomos-Bank purchased 17% of the shares in Otkritie Bank.

Within the banking group, Nomos-Bank will concentrate on corporate banking while Otkritie Bank will serve retail clients and SMEs. The Bank of Khanty-Mansiysk, a strong regional leader, will operate as a full-service bank focused on Khanty-Mansi autonomous area - Yugra and Tyumen region, where it has always had a significant market share.

Otkritie FC acquired the Russian Development Bank in 2008. The DIA also became a shareholder in the bank as part of the financial rehabilitation measures taken by the government. The bank was later renamed Otkritie Bank and took over three other banks: Otkritie Investment Bank, Bank Petrovsky, and Sverdlovsk Gubernsky Bank. In H1 2013, the bank's assets (IFRS) totaled RUB 195 billion, net profit amounted to ca. RUB 500 million.

Otkritie FC is a universal financial corporation providing access to a wide range of banking, investment, insurance, and retirement solutions for private, corporate, and institutional customers. Otkritie FC's total assets exceed RUB 1.3 trillion.

AK&M "M&A Market"

"AK&M", 04.12.2013 13:00


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