VTB Group announces today it has completed the acquisition of a 19.9% stake in the charter capital of OTKRITIE Financial Corporation. VTB Group becomes a minority shareholder of OTKRITIE and does not intend to further increase its share in the company.
This is an important strategic investment for VTB, as it will allow the Group to benefit from OTKRITIE's effective business platform. Together OTKRITIE and VTB will be able to develop complimentary business focusing on investment activity, M&A and real estate projects.
Yuri Soloviev, President of VTB Capital, Head of VTB Group Investment Business, said, "In the current market environment, one of VTB Group's priorities is to help strengthen the national banking system and OTKRITIE Financial Corporation is also playing an active role in this process thanks to its developed operational platform. OTKRITIE is an established business in the banking industry. Under the strategic alliance with the company, VTB Group intends to actively participate in due diligence, M&A and real estate transactions."
VTB Group is a leading Russian financial group with a strong tradition in Russia and the CIS, and a presence in 18 countries around the world. The Russian Government is VTB's majority shareholder, with a 77.5% holding. The remaining 22.5% of the shares are traded on the RTS and MICEX in Russia, and VTB's global depositary receipts are traded on the London Stock Exchange. VTB offers a wide range of services in corporate, retail and investment banking in Russia, some other CIS states and a number of countries in Western Europe, Asia and Africa. As of 30 September 2008, VTB was the second largest financial group in Russia by assets (USD 113 billion) and by customer accounts (USD 52.574 billion). VTB Group is among the top three national retail banks with a network of 981 outlets in Russia and the CIS. In 2008, VTB launched its Investment Banking business - VTB Capital, which operates from Moscow, London and Singapore offices.
OTKRITIE Financial Corporation Ltd. is one of the most dynamic and fastest growing investment banks in Russia providing the full range of financial services to institutional, private and corporate clients. The company`s core business segments are brokerage services, sales & trading, investment banking, asset management, and private equity. More detailed information is available at: www.open.ru