the cost of purchasing Otkrytie was recouped by two-thirds – Kommersant
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The contribution of the Otkritie group to VTB’s net profit at the end of 2023 will be 100 billion rubles. of 430 billion rubles, said First Deputy President and Chairman of the Board of VTB Bank Dmitry Pyanov at the “Russia Calling!” forum. According to him, the costs of purchasing Otkritie have been recouped by two-thirds. VTB bought Otkritie from the Central Bank for 340 billion rubles.
“In fact, two-thirds of the investment paid off in the first year. <...> At that time, someone thought that we bought at a high price, but now, seeing how the multiples have moved and how profitably this business operates, this is one of the best mergers and acquisitions deals,” said Mr. Pyanov (quote from Prime) .
The top manager also believes that Otkritie’s loss in October 2023 will not affect the group’s results and there is no talk of the bank’s “chronic” unprofitability. According to Kommersant’s information, Otkritie Bank took first place in Russia in terms of losses in October.
VTB plans Complete integration with Otkritie by the end of 2024. From January, VTB will begin selling its products in the offices of the acquired bank.
About Otkritie’s losses in October – in the Kommersant material “Systemically significant losses”.
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