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VTB Group becomes a shareholder in Otkritie

27.02.2015

VTB Group has become a shareholder in Otkritie Holding, a leading Russian financial group, with a stake of 9.99 percent. The shares were originally pledged as additional collateral under a loan agreement with VTB by Boris Mints and Vadim Belyaev, and were transferred to VTB following the expiration of the loan repayment period in 2014. 

In 2008 VTB Bank issued a loan to Rusenergo Fund Limited, a subsidiary of Otkritie Holding, to establish a fund for investing in shares of Russian energy companies. Otkritie sold Rusenergo Fund in 2009. After Boris Mints sold his shares in Otkritie Holding in 2013, his obligations under the loan were assumed by another shareholder, ICT Group. 

The ownership structure of Otkritie Holding is as follows after VTB Group acquired a 9.99 percent stake: Vadim Belyaev (27.14%), IFD Kapital (19.90%), VTB Bank (9.99%), Ruben Aganbegyan (7.96%), NPF Lukoil-Garant (7.06%), Alexander Mamut (6.67%), Sergey Gordeev (6.38%), ICT Holding (4.91%), other minority shareholders (9.99%).

First Deputy President, Chairman of the Management Board of VTB Bank Yuri Soloviev said: "VTB understands Otkritie’s business structure and its growth potential well. Given our solid track record of cooperation with Otkritie, we are positive about this transaction: the asset is transparent and the exit horizon is clear".

Chairman of the Management Board of Otkritie Holding Ruben Aganbegyan said: “Otkritie and VTB Bank have worked successfully together for many years. A new strong shareholder, who is familiar with what the company represents, particularly under current market conditions, is a positive factor in terms of both improving the stability of the business and its opportunities for growth. Once the shares are transferred, Otkritie’s shareholders will have fully discharged their obligations to VTB Bank”.