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Otkritie Financial Group Completes Petrocommerce Bank Merger


In accordance with Otkritie’s strategy for the integration of its banking business, Petrocommerce Bank has been merged into Otkritie FC Bank. Otkritie FC Bank has become the legal successor of Petrocommerce Bank, with all of the latter’s current obligations continuing in full force and effect. 

Petrocommerce Bank has been used as a basis for creating a network of Otkritie FC Bank branches with the key function of servicing the LUKOIL Group and its employees. Other clients will be served in accordance with Otkritie Group’s banking strategy. Corporate clients of Petrocommerce Bank will become clients of Otkritie FC Bank, the Group’s platform for its corporate and investment banking businesses. Retail clients, sole entrepreneurs, and SMEs will be gradually re-assigned to Otkritie Bank, the Group’s specialist entity for retail and SME banking.

Petrocommerce Bank President Vladimir Rykunov will join the Management Board of Otkritie FC Bank. “The merger of Petrocommerce Bank is an important step in Otkritie’s banking business integration strategy”, said Otkritie FC Bank President Dmitry Romaev. “Now that the legal component of the project is complete, we will proceed to implementing other integration processes, such as the introduction of a single IT platform, unification of the business processes and the product line, and reformatting of the regional network. All changes will take into account the specific features of Petrocommerce Bank, and the process will be seamless and comfortable for our clients.”

Also, in the course of 2015, the divisions established on the basis of Petrocommerce Bank will adopt Otkritie’s uniform branding platform, with the dark blue used by Otkritie FC Bank becoming their brand colour