At an extraordinary meeting Bank FC Otkritie shareholders decided to reorganize the lending institution by taking over Petrocommerce, Bank FC Otkritie reported Friday, specifying the takeover procedure will be carried out this year.

As posted on Petrocommerce's website, its shareholders also approved the takeover decision on Thursday.

As Bank FC Otkritie said in a press release, as part of the reorganization its charter capital would increase Rub 925 mln (18.5 mln shares with Rub 50 par value each are intended for the placement). The shares will be floated by converting Petrocommerce's shares into them at a ratio to be set in the takeover agreement.

As specified on CBR's website, presently Bank FC Otkritie's charter capital is equal to around Rub 7.79 bln, and that of Petrocommerce equals Rub 6.70 bln.

For the record, as part of banking group Otkritie, whose strategy is focused on asset expansion, Bank FC Otkritie's business focus is on corporate investment business (retail operations are rolled out on the basis of Khanty-Mansiysk Otkritie Bank, established in 2014 by folding Bank Otkritie and Novosibirsk Municipal Bank into Bank of Khanty-Mansiysk).

"A network of branches, including the Moscow one, will be set up based on Petrocommerce, which will take into account specific features of the bank to be taken over, with a focus on serving Lukoil and its employees," Bank FC Otkritie president Dmitry Romaev said.

Meanwhile, the bank emphasized that it will continue to fulfill Petrocommerce's all obligations to the clients as its successor.