Financial group Otkritie has completed the legal takeover of Khanty-Mansiysk Otkritie Bank by Otkritie FC Bank. As the financial group's press service reported, the merged bank would hold total assets of Rub 3.1 tln.

Full integration that includes the unification of product lineups, operating processes and IT systems would come to a close before end 2017.

The merged bank's legal name is Bank Financial Corporation Otkritie PJSC. Meanwhile, the bank will operate under a single brand (Otkritie). The current brands under which customer and regional business units operate were also retained for the convenience of customers. In some regions of Western Siberia, the Khanty-Mansiysk and Yamal-Nenets Autonomous Districts the Khanty-Mansiysk Otkritie Bank brand, which has high brand recognition in these regions, will be preserved. Brands of the projects Tochka (online banking services for small businesses) and Rocketbank (innovative mobile banking solutions for households) will be retained.

Dmitry Romaev chairs the supervisory board at the merged Otkritie bank, and the management board chairman is Evgeny Dankevich.

"Establishing the single bank is the final stage of our banking group's integration strategy. This step will contribute to increasing stability and efficiency of our business, improving the quality of capital management and, as a consequence, solidifying our positions in the Russian banking services market. As a result of integration, we'll be able to offer our customers more advantages both in terms of services and reliability," Bank Otkritie management board chairman Evgeny Dankevich said.

According to him, the operation of all areas of business within the single institution would increase the synergetic effect among them and would lead to stronger stability and the quality of diversification of the group's banking business.

"Especially, I would like to highlight high professionalism of our integration team. All procedures related to the merger have been carried out quite swiftly – after the weekend the bank's offices operated as usual and only separate services faced temporary constraints. So, the integration process has been executed in the most comfortable possible manner for our customers," Dankevich said.