VTB Group has completed the sale of a 7.96% stake in OTKRITIE Financial Corporation. VTB Capital advised VTB Group on the transaction.
In March 2009, VTB Group became a minority shareholder in OTKRITIE Financial Corporation. In partnership with OTKRITIE, VTB Group has successfully implemented a number of investment banking, M&A, and real estate projects.
Yuri Soloviev, First Deputy President and Chairman of the Management Board of VTB Bank, Chairman of VTB Capital holding companies Board of Directors, said: “The acquisition of the stake in OTKRITIE was a strategic investment for VTB Group. The deal we have just completed clearly demonstrates the efficiency of our investment. In the past four years, OTKRITIE achieved impressive business results and managed to build one of the largest private banks in Russia. I believe that VTB Group's investment in OTKRITIE Financial Corporation played positive role in the company’s business growth. We will continue to support the Corporation’s current and new projects”.