OREANDA-NEWS. Otkritie Financial Corporation (“OFC” or “The Corporation”) today announces the consolidation of its control of NOMOS-BANK by buying out the shares owned by ICT Group, Alexander Mamut and Oleg Malis and thus increasing its stake to 51%.

Following regulatory clearance, Otkritie Financial Corporation plans to further increase its holding in NOMOS-BANK to 75% minus one share. The remaining shares, including those shares that will be issued in the course of the upcoming additional issue (except those to be purchased by Otkritie Financial Corporation) will remain in free float.

Under Russian law, Otkritie Financial Corporation has to make a buyout offer to the Russian shareholders of NOMOS-BANK within one month. The buyout price cannot be less than the weighted average price of the stock on the MICEX for the last six months.

Now that the Corporation has consolidated its control over NOMOS-BANK, the following changes will take place in the top management of the Corporation and NOMOS-BANK:

Vadim Belyaev will leave his post as President and Chairman of the Management Board at NOMOS-BANK to become Chairman of the Management Board and CEO of Otkritie Financial Corporation. In his new position, he will be in charge of the strategic management and development of the Corporation.

Ruben Aganbegyan, until now a member of the Board of Directors and Chairman of the Management Board at Otkritie Financial Corporation, will become Chairman of the Board of Directors and President of the Corporation and take responsibility of corporate governance and investor, key account, and regulatory relations.

The management of NOMOS-BANK will be led by Dmitry Romaev, who will assume the office of President and Chairman of the Management Board at NOMOS-BANK (previously he was First Deputy President of NOMOS-BANK).