OREANDA-NEWS. The Supervisory Board of Otkritie FC Bank proposed to an extraordinary general meeting of shareholders to resolve that its subsidiary Khanty-Mansiysk Otkritie Bank be merged into the Bank. The merger is due to be completed in Q3 2016.

“The merger of Khanty-Mansiysk Otkritie Bank into Otkritie FC Bank is the final stage of integration within Otkritie Banking Group. Earlier, we had successfully completed two large projects as part of this process: Petrocommerce Bank was merged into Otkritie FC Bank and Otkritie Bank into the Bank of Khanty-Mansiysk. In line with our integration approach, we allocated a significant amount of time for the preparatory stage to work out a strategy, fine-tune the interactions between the teams and bind the different corporate cultures to one another. That is why we are now ready to merge Khanty-Mansiysk Otkritie Bank into Otkritie FC Bank comfortably for both our clients and staff. The reorganisation will allow us to create a full-service commercial bank with a sustainable and diversified business structure, improve capital management and enhance the synergy of various businesses. The integration will also help us further improve efficiency and reduce expenditure,” said Chairman of Otkritie FC Bank Management Board Evgeny Dankevich.

Following the reorganisation, the Bank will continue as Otkritie Financial Corporation Bank. The Bank will also use the unified Otkritie Bank brand as it is among top 10 in the Russian financial market by brand awareness. For customers’ convenience, the Bank will also continue to use the brands that are part of certain client and regional business lines. In Western Siberia, Khanty-Mansi and Yamalo-Nenets Autonomous Districts—the regions where the brand awareness and reputation is high—the Bank will continue as the Bank of Khanty-Mansiysk. High-tech projects Tochka (remote service for small businesses) and Rocketbank (innovative mobile banking service for retail clients) will keep their names, too.

Upon completion of the integration process, Evgeny Dankevich will continue to manage the bank’s operations as Chairman of the Management Board. Heads of key businesses will also retain their posts: Gennadiy Zhuzhlev will continue to oversee the corporate business; Elena Budnik, the retail unit (i.e. (individuals and SMEs); Konstantin Tserazov, investments; and Alina Nazarova, Private Banking.