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 purposed 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.
«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».
First Deputy President - Chairman of the Management Board of VTB Bank
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.”