Otkritie Financial Corporation has bought the International Financial Corporation's 14.3 percent stake in Otkritie Bank and assigned it to NOMOS-BANK in transactions priced at $120.2 million.
The corporation now indirectly owns almost 100 percent of Otkritie Bank, with a controlling stake held by NOMOS-BANK. This structure is 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", Ruben Aganbegyan, the chairman of the board of directors of Otkritie Financial Corporation, said. "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."
IFC bought a 15.7 percent in Otkritie Bank in March 2011 for $86.2 million. Later, after an additional issue of Otkritie Bank shares, IFC's stake has proportionally decreased to 14.3 percent.
- National Bank of Ukraine removes restrictions on foreign-currency transactions, investment metals
- Black Sea Trade & Development Bank visits Azerbaijan to boost business relationships
- VTB Bank finances three new planes for SunExpress airline
- National Bank of Ukraine makes it easier for businesses to invest abroad
- National Bank of Ukraine eases lending regulations for deposit guarantee funds to other banks
- Black Sea Trade and Development Bank, Russian Federal Corp. for SMEs support business growth
- Oleg Demidov named commercial director for Rosbank Factoring
- Eurasian Development Bank sells bonds on Kazakhstan Stock Exchange
- EY World Entrepreneur of the Year event to name world's top entrepreneur
- ACBA-CREDIT AGRICOLE, Microsoft parter for Armenian digital business technology seminar