OREANDA-NEWS. November 30, 2009. OTKRITIE Financial Corporation (OFC) is poised to implement its strategic goal of consolidating its banking business. Within the framework of this new project, the creation of a universal unified bank is envisaged as a result of a merger of the OTKRITIE Commercial Bank, OTKRITIE Investment Bank, and the Petrovsky Bank, reported the press-centre of OTKRITIE Financial Corporation.
 
“The unified bank will join the Top-30 of major players on the Russian financial market over the next year”, said Vadim Belyaev, CEO of OTKRITIE Financial Corporation Ltd. As Mr. Belyaev pointed out, the consolidation should strengthen the Corporation’s position within Russia’s banking market, open additional opportunities for developing this business segment, and thus bring the company to a higher level.

“The integration will allow us to considerably expand our regional network, offering the widest range of services both to corporate and individual clients, as well as allow us to improve operations designed for affluent private clients. Furthermore, the unified banking structure will possess a very high level of reliability, which also should be supportive of achieving a leading position in the rankings,” Mr. Belyaev explained.
 
Vadim Belyaev stressed that OTKRITIE FC will essentially become a strategic holding company, managing the integration process of all three banking institutions. It will also be responsible for overall business coordination and implementation of large-scale projects.
 
As a result of the restructuring, there will be some changes in Corporation’s and its divisions’ management line-up.
 
Vadim Belyaev will become President of the Corporation and Chairman of the Board of Directors of the unified bank. Vasiliy Zablotskiy, currently Chairman of the Management Board of OTKRITIE Commercial Bank, will retain that position within the unified bank. Mikhail Belyaev, Senior Managing Director of OTKRITIE Financial Corporation, will become the Corporation’s CEO. The Managing Director of OTKRITIE Investment Bank, Evgeniy Dankevich, will take over as Head of the Brokerage and Investment Retail Division, while Roman Lokhov, CEO of OTKRITIE Securities Limited, will be in charge of investment banking activities. Boris Mints will continue to be Chairman of the Corporation’s Board of Directors.

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OTKRITIE Financial Corporation Ltd. is one of Russia’s leading banking groups which offers its clients and partners the full array of investment banking, commercial banking, and investment management services. Nowadays, OTKRITIE Group of Companies offers private, institutional and corporate clients the full range of financial services, including operations on major Russian and international securities markets across a broad range of asset classes as well as traditional banking products. OTKRITIE Group of Companies has a diversified business structure including OTKRITIE Brokerage house JSC, OTKRITIE Asset Management Ltd., OTKRITIE Corporate Finance Ltd., Otkritie International Investment Management Ltd., Otkritie Securities Limited, Otkritie Finance (Cyprus) Limited, OTKRITIE Investment Bank (JSC), and OTKRITIE Commercial Bank (JSC).