Kostin spoke about plans to merge brokerage companies VTB and Otkritie

Andrey Kostin, Chairman of the Board of VTB, said that as part of the merger of financial groups VTB and FC Otkritie, it is planned to merge the brokerage companies belonging to each of the groups. We are talking about VTB My Investments and Otkritie Investments. Mr. Kostin did not name possible dates for the merger.

“Someday, of course, for sure. We have a plan to merge (financial groups.— “b”) and we follow it. I won’t tell you right now. We took a year and a half for everything about everything for the complete consolidation of the business. Here, within the framework of this (there will be a union of brokers.— “b”). By and large, I mean that we estimate a year and a half as a plan for a complete reorganization. Specifically (for brokerage companies.— “b”) I won’t tell you the date now, ”said Mr. Kostin RBC Investments on the sidelines of SPIEF-2023.

According to a source of RBC Investments in Otkritie Investments, the timing of the merger of brokerage companies roughly coincides with the timing of the merger of financial groups as a whole. In February 2023 Andrey Kostin declaredthat the integration of “Discovery” and VTB will require at least one and a half to two years.

According to the interlocutor of the publication in Otkritie Investments, it is possible at least two options integrations:

• complete transfer of Otkritie Investments clients to VTB My Investments and their further support on the VTB technical base;
• clients remain in Otkritie Investments, the broker’s accession to VTB in the form of reorganization will be discussed.

According to the source, if any of the two possible scenarios is implemented, the Otkritie Investments brand will most likely leave the market. However, this may take several years.

December 27, 2022 Bank of Russia came out from the capital of FC Otkritie and sold 100% of VTB shares. The deal amounted to 340 billion rubles. The new chairman of the board of Otkritie Bank was the former head of Unicredit Bank, ex-deputy chairman of the board of the Central Bank, Mikhail Alekseev.

Milena Kostereva