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Bank Otkritie Financial Corporation bank

Банк «ФК Открытие»
 
Name
Bank Otkritie Financial Corporation
Full name
PJSC "Bank Otkritie Financial Corporation"

Ranking

on 01.10.2018
Headquarter
115114, Moscow, ul. Letnikovskaya, 2, str. 4
Banki.ru reference

The lending institution was registered as Joint Stock Investment & Commercial Bank TIPCO Venture Bank in December 1992. As decided by the shareholders meeting, in 1994 the bank was renamed Joint Stock Investment Commercial Bank Novaya Moskva, and Nomos-Bank in 2007. ICT Group (Alexander Nesis is a co-owner) gathered a controlling stake in the bank in May 2006. In 2007 the bank’s shares were also acquired by Russia Finance Corporation B. V. from PPF Group that had already owned Home Credit Bank in Russia.

In August 2012 PPF Group, owned by Petr Kellner, pulled out of Nomos-Bank. The bulk of a 26.5% interest held by PPF Group was purchased by Otkritie Financial Corporation*. This deal worth around Rub 15 bln became an initial stage of the project to merge Nomos-Bank and Otkritie FC’s banking business. Otkritie Financial Corporation consolidated 51% of Nomos-Bank voting shares in 2013. A 13.2% stake was nominally held (the shares were deposited in a program of Global Depositary Receipts, which are listed on the London Stock Exchange) held by Deutsche Bank AG, around 11.9% of the shares were controlled by ICT Group entities (through a number of Cypriot firms whose beneficiary owners included Alexei Gudaitis, Nikolai Dobrinov, Alexander Nesis, Dmitry Sokolov and Igor Finogenov). Some of Nomos-Bank shares were in crossholding and 18.6% were listed on the Moscow Exchange.

In July 2013, Otkritie Financial Corporation finalized the takeover of two regional subsidiaries, Nomos-Regiobank and Nomos-Bank-Siberia.

Otkritie Financial Corporation, an investment company, upped its equity stake in the bank to 74.9% in April 2014. The remaining shares, including those of an additional share issue (except for the shares purchased by Otkritie Financial Corporation), constituted the free float. The media wired that Otkritie Financial Corporation intends to up its holding in Nomos-Bank to 100%, and there are plans to merge Nomos-Bank and Otkritie Financial Corporation’s banking assets in the future. In June 2014, Nomos-Bank was renamed Financial Corporation Otkritie Bank. In autumn 2014, the lending institution changed its corporate status to a public joint stock company in accordance with legislation.

As of January 2017, Bank Otkritie FC’s controlling shareholder was Otkritie Holding that directly and indirectly held 55.2% of voting shares. The lender’s shares were also in free float on the Moscow Exchange. The bank’s largest beneficial owners were Vadim Belyaev, the founder and a key co-owner of Otkritie, and Otkritie Holding board chairman (17.98% of voting shares), Otkritie Group executives such as Ruben Aganbegyan, Dmitry Romaev, Evgeny Dankevich, and Alexei Karakhan (9.91%), Lukoil CEO Vagit Alekperov and Lukoil board member Leonid Fedun (8.91%), ICT Group representatives Alexander Nesis, Alexei Gudaitis, Nikolai Dobrinov, Igor Finogenov, Dmitry Sokolov, Igor Tsyplakov, Konstantin Yanakov (12.08%), VTB Bank (5.51%), insurance company Rosgosstrakh (3.75%, including through trust management at Upravlenie Sberezheniyami LLC), businessmen Mikhail Parinov (3.9%), and Alexander Mamut (3.68%), with minority shareholders accounting for 6.56%. In addition, some of the bank’s shares are held by the bank itself, including via crossholding.

Bank FC Otkritie shareholders also included institutional investors, namely management companies that managed pension reserves and pension accruals of private pension funds on trust management terms. They are private pension fund of the Power Utilities Sector (4.86%), private pension fund Lukoil-Garant (2.46%), private pension fund RGS OJSC (4.97%), and private pension fund Budushchee JSC (4.09%).

On December 22, 2014 the Bank of Russia decided to rehabilitation National Bank Trust which ranked 28th by assets nationwide. Otkritie FC Bank was appointed rehabilitator. The regulator decided to rescue National Bank Trust to taking onboard an investor after the Deposit Insurance Agency (DIA) assessed the bank’s capital shortage to be equal to Rub 67.8 bln. The whole rehabilitation procedure was estimated at Rub 127 bln, with Rub 99 bln to be provided by the regulator as a DIA loan to give National Bank Trust financial aid, and an additional Rub 28 bln loan to be issued to the rehabilitating bank to cover the imbalance between the bank’s fair asset value and obligations. Pursuant to the rehabilitation program, Otkritie FC Bank will wrap up National Bank Trust’s takeover until the end of 2020.

In June 2015, Otkritie Bank wrapped up the acquisition of Petrocommerce from financial group IFD Kapital.

In April 2016, Otkritie Bank bought Rocketbank, one of the first digital banks in Russia that promotes banking services based on Otkritie Bank’s legal and processing support. The group also includes a similar project (Tochka) that is focused on corporate banking services via Internet technologies.

In August 2016, Otkritie FC Bank finalized legal takeover of Khanty-Mansiysk Otkritie Bank that, in turn, was founded in 2014 by folding Otkritie Bank and Novosibirsk Municipal Bank into Bank of Khanty-Mansiysk. The group earlier planned to roll out retail banking business based on Khanty-Mansiysk Otkritie Bank, but management later decided to reorganize the bank under the group’s control by folding it into the parent lending institution. As a result, the Khanty-Mansiysk Otkritie Bank license was cancelled, and all the banks’ assets and liabilities were taken under one roof.

The media wired in December 2016 that there could be a deal to merge Otkritie FC Bank and insurer Rosgosstrakh, thereby allowing the parties to the deal to establish the biggest private financial group in Russia. As part of the deal, Danil Khachaturov, the owner of holding Rosgosstrakh, was planned to take a minority interest in Otkritie Holding, with control over Rosgosstrakh’s banking (Rosgosstrakh Bank) and insurance business going to Otkritie. According to media reports, there were plans to wrap up the deal in 2017. However, these plans did not materialize.

In July 2017, the Analytical Credit Rating Agency (ACRA) assigned a national scale rating of BBB- to Otkritie FC Bank, substantiating the rating by the lending institution’s poor asset quality and the parent company’s adverse impact on liquidity. Against the backdrop of a negative news flow related to the revocation of a license held by major private bank Yugra, ACRA’s rating downgrade and rumors about possible financial problems at Otkritie FC Bank sparked panic in the market and resulted in a sharp decline in the lending institution’s retail and corporate funds held on its balance sheet. As a result, the bank’s high-liquidity assets slid drastically. As early as August 29, 2017 the Bank of Russia decided to take measures to strengthen Otkritie FC Bank’s financial stability, in which the regulator itself intended to take part as a key investor using funds from Management Company of the Banking Sector Consolidation Fund. Temporary administration, involving Bank of Russia and BSCF employees, was appointed to work at the bank.

On December 11, 2017 the Bank of Russia officially became the holder of an over 99.9% stake in Otkritie FC Bank as part of the program allowing the regulator to take part in measures to prevent the lending institution’s bankruptcy.

By a Bank of Russia order, duties of temporary administration appointed to run Otkritie FC Bank, which were executed by BSCF, were terminated since December 31, 2017.

To date, the most important stages of the bank’s rehabilitation have been accomplished, namely capital was injected, governing bodies were formed, so the bank is now able to develop as a standalone financial institution. The bank now operates in the conditions which are unified for all market participants.

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