OREANDA-NEWS. February 17, 2014. Otkritie Financial Corporation has bought the International Financial Corporation’s (IFC’s) 14.3% stake in Otkritie Bank and assigned it to NOMOS-BANK.

Both transactions were priced at RUB4.235 billion.

Thus, the Corporation now indirectly owns almost 100% of Otkritie Bank, with a controlling stake held by NOMOS-BANK. Such a structure falls in line with the strategy being implemented by Otkritie Financial Corporation to create an integrated banking group.

“We are grateful to the IFC for their cooperation which for many years was key to the successful implementation of Otkritie Bank’s development strategy”, said Ruben Aganbegyan, Chairman of the Board of Directors of Otkritie Financial Corporation. “IFC invested in Otkritie Bank at the outset of its existence, when it was being set up as an integrated retail bank on the basis of the assets merged into the [Otkritie] Group as part of financial recovery measures, and their support at that point was tremendous. This withdrawal was mutually agreed with Otkritie Financial Corporation. Moreover, it was predetermined by the Corporation’s intention to build up a consolidated banking group with minority shareholders involved only at the level of NOMOS-BANK. We hope, however, that Otkritie FC will continue to cooperate with IFC in other projects”.

“This project has demonstrated IFC’s strategic role in investing in the Russian banking sector. To date, Otkritie Bank has successfully met the objectives that were set three years ago – it has consolidated a number of other banks to rank among one of Russia’s 40 largest banks, gained weight and visibility in SME lending, and became the first Russian bank to adopt the Equator Principles. We are always open to discuss new projects with Otkritie FC and hope for further cooperation,” said Tomasz Telma, IFC Director for Europe and Central Asia.

IFC bought a 15.7% in Otkritie Bank in March 2011 for RUB3.036 billion. Later, after an additional issue of Otkritie Bank shares, IFC's stake has proportionally decreased to 14.3%.