OREANDA-NEWS. April 08, 2011. OTKRITIE Financial Corporation, one of the leading financial institutions in Russia, has completed the sale of a 15.7% stake in OTKRITIE Bank to International Financial Corporation (IFC), a member of the World Bank Group. IFC invested 3.036 billion rubles in OTKRITIE Bank, equivalent to USD100 million, reported the press-centre of OTKRITIE.

As a result of this investment, OTKRITIE Financial Corporation retains 67.3% of OTKRITIE Bank’s capital while the Russian state Deposit Insurance Agency maintains its 17% stake.

The underlying agreement in place between the shareholders was signed on 19 August 2010, with a series of key steps being taken in the period between the agreement and completion. These steps include the integration of three Russian banking entities in October 2010 and the subsequent creation of an efficient and profitable combined banking business which now ranks as a top 30 institution as per the Central Bank of Russia.

Boris Mints, Chairman of the Board, OTKRITIE Financial Corporation, said, “IFC’s investment is an important milestone in our long term strategy of building a leading banking business in Russia. We will use these financial resources to further expand our banking business, both organically and through targeted acquisitions. Moreover, as a new shareholder, IFC’s commitment will further enhance our reputation as a key player in the market.”

“IFC is positive about the restructuring and consolidation of Russian banks undertaken by strong and reputable players like FC Otkritie,” said Snezana Stoiljkovic, IFC Director for Eastern Europe and Central Asia. “We believe this investment will demonstrate the commercial viability of private banks in Russia to other potential investors.”