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DIA's 24.17% stake in Otkritie Bank bought by NOMOS' controlling shareholder Otkritie FC.

M2 EQUITYBITES-December 5, 2013-DIA's 24.17% stake in Otkritie Bank bought by NOMOS' controlling shareholder Otkritie FC

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Russia's second largest financial group, measured by assets, and the controlling shareholder of NOMOS-BANK Otkritie Financial Corporation (Otkritie) on Wednesday announced that it has bought the State Corporation Deposit Insurance Agency's (the DIA) 24.17% stake in Otkritie Bank for RUB7.915bn.

The purchase follows the winning of the DIA's auction in late September this year.

In line with Otkritie's banking business development strategy, the stake is scheduled to be transferred to NOMOS-BANK, which will increase NOMOS' stake in Otkritie Bank to 41.17%.

This purchase is said to continue the Corporation's strategy of integrating its banking business with NOMOS-BANK as the banking group's parent company.

Upon completion of the strategy, NOMOS-BANK will hold controlling interests in Otkritie Bank and the Bank of Khanty-Mansiysk.

Within the banking group, Otkritie Bank is expected to serve retail clients and SMEs, while NOMOS-BANK will be anticipated to concentrate on corporate banking. The Bank of Khanty-Mansiysk will be expected to operate as a full-service bank with focus on the Khanty-Mansiysk Autonomous District and the Tyumen Region.

Chairman of Otkritie Bank's management board Evgeny Dankevich added: "The DIA's exit from Otkritie Bank demonstrates that the banks that merged into Otkritie Bank have successfully completed their financial recovery and that Otkritie Bank is in a strong market position."

(EUR1 = RUB45.10)

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Publication:M2 EquityBites (EQB)
Date:Dec 5, 2013
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