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NOMOS-BANK begins consolidation of controlling stake in Otkritie Bank

26.08.2013

In keeping with its previously announced strategy of development of the banking business of Otkritie Corporation, NOMOS-BANK is proceeding to consolidate a controlling stake in Otkritie Bank. NOMOS-BANK has sent the appropriate application to the Federal Antimonopoly Service.

"The increase of our stake in Otkritie Bank will be implemented in phases, in step with the increase of NOMOS-BANK capital and receipt of regulatory approvals," said First Deputy President of NOMOS-BANK, Dmitry Romaev. In August, NOMOS-BANK announced its intention to increase its authorized capital by issuing additional shares. It is planned to place an additional 19.5% of shares (21.8 million shares).

In the near future, NOMOS-BANK will acquire 17% of Otkritie Bank from Otkritie Financial Corporation and will continue to increase its share in it through the purchase of shares held by the Corporation. Otkritie Financial Corporation will use the funds received to repay loans from NOMOS-BANK.

The strategic objective of Otkritie Financial Corporation is setting up the banking group in which NOMOS-BANK as the parent structure will hold controlling stakes in Otkritie Bank and Khanty-Mansiysk Bank. The total assets of the group will exceed RUB 1.1 trillion.

NOMOS-BANK will remain a public financial institution. Otkritie Financial Corporation plans by the end of Q3 to consolidate a controlling stake in NOMOS-BANK. Subsequently, the Corporation will increase its stake in the Bank. Consolidation by the  Corporation of 100% of shares of NOMOS-BANK is not planned.

Within the framework of the banking group NOMOS-BANK will focus on corporate customers, and Otkritie Bank on retail. Khanty-Mansiysk Bank, which is a strong regional player, will be developed as a universal bank with a focus on the Khanty-Mansi Autonomous District and the Tyumen region, where it has traditionally held a significant share of the market.