VTB: Otkritie brand will exist for another year and a half

VTB plans to close the deal to buy Otkritie by the end of the year. The head of VTB, Andrei Kostin, noted that although the Otkritie brand should disappear after the sale, it will exist for another year and a half.

“The Central Bank and VTB Bank are two participants in this deal – both believe that the deal will be completed before the end of this year. We have made great progress, I hope that in the near future there will be news on this issue … We believe that the bank (”Opening”.— “b”) will exist for another year and a half, and then its brand will disappear,” said Mr. Kostin “Russia 24”. According to him, the negotiations are in the final stage and the parameters can be finalized in the coming days.

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.

Since 2017, Otkritie has been owned by the Central Bank as part of the reorganization procedure. Against the background of the imposition of sanctions in Russian credit institutions, Andrey Kostin proposed to unite VTB, Otkritie Bank and the Crimean RNCB into a common group.

On the merger of banks – in the material “Kommersant” “Everything merges in state banks”.

Leonid Uvarchev