OREANDA-NEWS  The APK of Russia has signed an agreement with VTB on the sale of 100% of the shares of Otkritie Bank, the transaction amount is 340 billion rubles, the Central Bank said in a statement.

"The Board of Directors of the Bank of Russia has decided to sell VTB Bank (PJSC) 100% of the shares of PJSC Bank FC Otkritie. In accordance with the law, the Board of Directors of the Bank of Russia has the right to make a decision on the sale of shares of PJSC Bank FC Otkritie at their market value. An independent appraiser of JSC "DRT" estimated their market value in the range of 328-374 billion rubles. The Bank of Russia and VTB Bank (PJSC) have signed an agreement on the sale of 100% of shares of PJSC Bank FC Otkritie, according to which the purchase price for shares is 340 billion rubles," the report says.

The shares of Otkritie will be transferred to VTB no later than December 31, 2022, subject to the fulfillment of payment obligations in full. VTB will pay 233 billion rubles to the Central Bank, as well as pay part of the cost with federal loan bonds (OFZ) in the amount of 107 billion rubles.

The plan for the integration of the banks' businesses will be approved after the closing of the transaction. VTB Group's development strategy, taking into account the acquisition of Otkritie, will assume further strengthening of positions in the Russian market, VTB added. "Nothing will change for the clients of PJSC Bank Otkritie FC in the near future: VTB Bank (PJSC) intends to retain key products and services. The development of the product range and the increase of its competitive advantages will be continued based on all the technological, product and financial capabilities of the VTB Bank Banking group (PJSC)," VTB said in a statement.