OREANDA-NEWS. September 29, 2014. VTB Bank’s Supervisory Council has approved an increase in the equity capital of Cyprus-registered RCB Bank Ltd through an additional issue of common shares. FC Otkritie is expected to acquire a stake in RCB Bank in the course of additional share issue.

The transaction is subject to approval by the Central Bank of Cyprus. Upon completion, FC Otkritie Bank is expected to own 19.85% of RCB Bank, while VTB Bank will own 46.29%, with the remainder held by minority shareholders.

"FC Otkritie joining the shareholder register will strengthen RCB Bank’s standing in local and foreign markets. VTB Group sees Otkritie as a strong partner and a strategic investor, with which it plans to continue to develop this Cypriot asset"

Yuri Soloviev, First Deputy President and Chairman of VTB Bank Management Board