VTB Group has joined the ranks of Otkritie Holding, now claiming 9.99 percent of the bank's stake, Otkritie announced on Friday.
The shares were initially used as additional collateral for a loan agreement between VTB and a former Otkritie subsidiary, Rusenergo Fund Limited, which was sold in 2009, one year after the agreement was determined. After the repayment period expired, it transferred into VTB's possession.
"Otkritie and VTB Bank have worked successfully together for many years," Chairman of the Management Board of Otkrietie Holding, Ruben Aganbegyan, said. "A new, strong shareholder, who is familiar with what the company represents, particularly under current market conditions, is a positive factor in terms of both improving the stability of the business and its opportunities for growth. Once the shares are transferred, Otkritie’s shareholders will have fully discharged their obligations to VTB Bank.”
Other than VTB, the company's shareholders consist of: Vadim Belyaev, with 27.14 percent; IFD Capital, with 19.9 percent; Aganbegyan, with 7.96 percent; NPF Lukoil-Garant, with 7.06 percent; Alexander Mamut, with 6.67 percent; Sergey Gordeev, with 6.38 percent; ICT Holding, with 4.91 percent; minority shareholders make up the remaining 9.99 percent.