The sale of a controlling stake in Otkritie Bank to VTB Bank was completed for RUB 340 billion, marking a significant milestone in the Russian banking sector.
According to Interfax, the agreement to transfer all shares in Otkritie Bank to VTB Bank was finalized successfully. The Central Bank’s press service indicated that Otkritie’s capital value stood at approximately 0.6, a figure cited as part of the broader market assessment surrounding the deal. This deal is portrayed as a strong signal within the current market environment, reflecting confidence from both the regulator and major financial institutions involved in the transaction.
On December 22, the Central Bank confirmed that the sale had been closed. The regulator and VTB signed the pact transferring 100 percent of Otkritie Bank’s shares to VTB. Ownership rights for VTB over Otkritie were stated to be in effect until December 31, 2022, with VTB acquiring Otkritie via a combination of cash and federal loan bonds. This structure underscores a strategic approach to consolidating assets within the Russian banking system and ensuring liquidity and capital adequacy through established financial instruments.
Following the completion of the deal, leadership at Otkritie Bank saw changes. Beginning January 1, 2023, Mikhail Zadornov stepped down from his role as head of the bank. The organization announced that Mikhail Alekseev, a former vice-president of the Central Bank of Russia, was a potential successor, signaling a shift in management aligned with the new ownership arrangement. These leadership transitions are part of a broader realignment designed to integrate Otkritie into VTB’s strategic framework and governance model.
Elvira Nabiullina, Governor of the Central Bank, addressed the media in a press briefing around the same period. She stated that the sale of Otkritie Bank should reach its conclusion in the near term and reiterated that the regulator aims to finalize the deal before the end of 2022. Her comments reflect a consistent regulatory stance prioritizing prudent oversight and orderly execution of large-scale mergers and acquisitions within the country’s financial sector. The sequence of events illustrates how monetary authorities balance market stability with the strategic repositioning of key banking institutions.
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