Otkritie Completes Merger of Khanty-Mansiysk Otkritie Bank into Otkritie FC Bank23.08.2016
In the largest merger in Russian financial history, Otkritie Banking Group has completed the legal procedures to integrate Khanty-Mansiysk Otkritie Bank into Otkritie FC Bank. The resulting bank has assets of RUB 3.1 trillion and is the largest private financial institution in Russia by asset size. Complete integration, including unification of product lines, operating processes and IT systems, will wrap up by the end of 2017.
The registered company name of the resulting bank is Otkritie Financial Corporation Bank PJSC. However, the Bank will operate under the unified Otkritie Bank brand as it is among top 10 in the Russian financial market by brand awareness. For customers’ convenience, the Bank will also continue to use the brands that are part of certain client and regional business lines. The Bank will continue to operate under the name ‘Bank of Khanty-Mansiysk’ in Western Siberia, Khanty-Mansi and Yamalo-Nenets Autonomous Districts, where the brand awareness and reputation are high. Otkritie’s high-tech projects Tochka (remote service for small enterprises) and Rocketbank (innovative mobile banking for retail clients) will keep their names, too.
The Chairman of Otkritie FC Bank’s Supervisory Board is Dmitry Romayev; and the Management Board is chaired by Evgeny Dankevich.
Evgeny Dankevich, Chairman of the Management Board of Otkritie FC Bank: “Creating a unified bank is the last step in our banking group integration strategy. The merger will increase the stability and efficiency of our business, improve capital management and further strengthen our positions in the Russian banking market. Following integration, we will be able to offer clients even better service and reliability. We expect to see significant synergies once all our divisions are functioning as part of a single organization, which will serve to enhance the stability and improve the diversification of our banking business. I have nothing but the highest praise for the team that is handling the integration. They are putting our new technology into service extremely quickly. After just one weekend, all of our offices were able to get back to their normal schedules. Only a few services experienced interruptions. The integration team has really put customers first as it makes these changes.”