Kostin: Integration of Otkritie and VTB will take up to two years
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It will take at least one and a half to two years to integrate Otkritie Bank into the structure of the VTB Group, said Andrei Kostin, head of VTB. According to him, now VTB is assessing the costs of connection. Mr. Kostin expects that “in the end, it’s more about savings than about costs.”
“In general, we expect that after the investments that we will make now, we will have savings. Because, of course, we will use the synergy that we get from joining the bank, and we will save on costs, we will exclude parallel costs, ”he said on the air of Rossiya 24 (quote from Interfax).
The head of VTB said that the bank plans to work with Otkritie under the same brand, but “is in no hurry” to join. “I think that the consolidation will take at least one and a half to two years, in this horizon. But we plan to fully integrate the bank, transfer business and clients to VTB Bank, and as a result of this, pass the license, ”he specified.
According to Andrey Kostin, this week banks will unite ATM networks. Initially, Otkritie had 3.7 thousand ATMs, now “there will be more than 19.5 thousand ATMs in the total chain.”
In April 2022, the US Treasury introduced sanctions against the management of FC Otkritie. 27 December Central Bank of Russia came out from the capital of FC Otkritie and sold 100% of VTB shares. The deal amounted to 340 billion rubles.
Details – in the material “Kommersant” “New Year, New Management”.
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