Nomos-Bank Increases its Stake in Otkritie Bank to 41.17%
OREANDA-NEWS. Following yesterday's announcement by Otkritie Financial Corporation (“Otkritie FC”), NOMOS-BANK (“NOMOS” or “the Bank”, LSE ticker: NMOS) has acquired a 24.17% stake in Otkritie Bank from Otkritie FC, Russia's second largest financial group by assets and the controlling shareholder of NOMOS. Otkritie FC acquired the stake from the Deposit Insurance Agency for RUB 7.915 billion after winning the DIA's auction in late September 2013.
The transaction has increased NOMOS-BANK's interest (both direct and indirect) in Otkritie Bank to 41.17%. The acquisition of this stake is an important part of Otkritie FC's strategy of integrating its banking business with NOMOS-BANK, which as the banking group's parent company, will hold controlling interests in Otkritie Bank and the Bank of Khanty-Mansiysk.
Within the banking group, NOMOS-BANK will concentrate on corporate banking, while Otkritie Bank will serve retail clients and SME. The Bank of Khanty-Mansiysk, a strong regional leader, will operate as a full-service bank with a focus on the Khanty-Mansi Autonomous District and the Tyumen Region where it has always had a significant market share.
Also, as previously announced, Bank Petrocommerce will join Otkritie FC's banking group as a new member before the end of 2014. The banking group will then operate over RUB 1.5 trillion in assets, becoming Russia's largest privately held banking group.