OREANDA-NEWS. Otkritie Financial Corporation is to acquire Bank Petrocommerce while IFD Kapital Group is to become a shareholder of Otkritie Financial Corporation.

The transaction will be launched in 2013 and completed before the end of 2014, following the necessary regulatory approvals. Otkritie Financial Corporation will issue additional shares to IFD Kapital Group to the amount of 19.9% and at a value of at least RUB 15 billion. Otkritie will use the funds raised to purchase at least 95% of the shares in Bank Petrocommerce, including 79.3% of shares owned by IFD Kapital Group and the shares owned by minority shareholders.

The deal to purchase Bank Petrocommerce would value the 95% stake at totalling approximately RUB 18.5 billion.

Vladimir Rykunov, currently CFO and member of the Management Board at NOMOS-BANK, will become Chairman of the Management Board at Bank Petrocommerce. The documents for the approval of his role will be submitted to the Central Bank of the Russian Federation in the near future.

Vagit Alekperov, President of LUKOIL OJSC, remarks, “Bank Petrocommerce has been the cornerstone bank for LUKOIL OJSC for many years. I am confident that becoming part of Otkritie FC will boost the bank's capacity to provide loans for our large investment projects and will continue to serve our employees.”

Vadim Belyaev, Chairman of the Management Board at Otkritie FC, says, “We are pleased that our successful cooperation with IFD Kapital Group will reach a new level. The accession of new strong shareholders and the acquisition of Bank Petrocommerce are in line with our strategic goal, which is to build the largest independent player in the Russian financial market with a diversified shareholding structure that will expand our opportunities for growth.”

Olga Plaksina, Chairman of the Management Board at the IFD Kapital Group, comments, “We believe that this project has a considerable potential - we will become part of one of the most dynamically growing players in the Russian financial market, and Bank Petrocommerce will be managed by one of the most professional teams in Russia that has a long-standing expertise and a positive track record in managing bank assets.”