Frank Media: VTB agreed on the terms of the purchase of Otkritie

VTB management agreed with the Central Bank on the terms of the purchase of Otkritie Bank, they told Frank Media sources close to the negotiations. According to the publication, the deal could be announced in the near future.

Frank Media’s interlocutors note that Otkritie Bank will be sold for an amount almost equal to the bank’s capital, thus, the transaction will take place with the maximum multiplier for the Russian market.

As of July 1, the bank’s regulatory capital was estimated at 369 billion rubles, RBC wrote. However, according to Frank Media, until November 30, the cost estimate for Otkritie has changed somewhat. The audit company “Business Solutions and Technologies” (formerly Deloitte) reduced it to 328-374 billion rubles.

The interlocutors of the publication said that the amount of the deal to buy the bank will be slightly above the middle of the new range. At the same time, according to their information, when purchasing VTB expects to use OFZs for almost 100 billion rubles, which the group has kept on its balance sheet since the reorganization of the Bank of Moscow.

After the completion of the transaction, the Otkritie business will be transferred to the balance of the VTB Group, and the vacated license will most likely be handed over. However, the sources specify, the final decision will be made after the completion of the transaction. The powers of the board members expire at the end of the year, and, according to the publication, the group does not intend to renew them.

Head of the Central Bank Elvira Nabiullina at the end of October informedthat the regulator intends to complete the sale of Otkritie Bank by the end of the year. At the same time, according to her, at that time the discussion of the bank’s value was still going on. Head of VTB Andrey Kostin notedthat although the Otkritie brand should disappear after the sale, it will last another year and a half.

For more information about plans to accelerate the integration of banks, see Kommersant’s article “Everything Merges in State-Owned Banks.”

Milena Kostereva