Otkritie FC Bank announced that they have finalized the purchase of 99.5 percent of the Petrocommerce Group on Monday.
Over the course of this year, the process of integrating the newly acquired bank in Otkritie will take place. This will lead to a network of branches and offices that will focus its energy in servicing Lukoil accounts and their employees.
This acquisition is a part of a strategic partnership agreement between Otkritie and IFD Kapital.
"We appreciate the potential of this project," IFD Kapital Chairperson, Olga Plaksina, said. "[The] purchase [of] Petrocommerce strengthens the position of [Otkritie] as the largest private banking business in Russia, opens up new prospects for its development, as well as expanding opportunities for clients, including companies of the Group LUKOIL and their employees."
Shareholders initially approved the merger on Jan. 22 and with that 18.5 million shares of Otkritie were converted to Bank Petrocommerce shares, according to a report from Reuters.