By Andrei Skvarsky.
Russia’s Otkritie Financial Corp plans to buy out Nomos-Bank, in which it owns a one-fifth stake, in a declared bid to become “the largest independent public financial group in Russia” within the next three years.
Otkritie, which plans an initial public offering, said in a statement it has clinched a deal with the owners of 58.5% of Nomos shares to take over up to 100% of the Moscow-based bank’s capital within the next two years.
“There are plans to bring in new shareholders from among major Russian and international investors, including as part of an IPO of Otkritie Financial Corporation planned to be carried through within the next two to three years,” the statement said.
The acquisition of Nomos would boost Otkritie’s assets to one trillion rubles ($31bn at today’s exchange rate), which would include banking assets worth 950bn rubles ($29bn).
The new entity would have more than three million personal and 120,000 corporate clients.
Current chief executive Vadim Belyayev and other top managers of Otkritie would own a stake of about 25% in it.
Stakes of up to 10% would belong to Otkritie chairman Boris Mints, businessman Alexander Mamut, VTB Group and companies affiliated with ICT Group shareholders.
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