OREANDA-NEWS. Otkritie Financial Corporation, Russia's second largest financial group by assets and the controlling shareholder of NOMOS-BANK, has bought the State Corporation Deposit Insurance Agency's (the DIA) 24.17% stake in Otkritie Bank for RUB 7.915 billion, after winning the DIA's auction in late September 2013.

In line with Otkritie's banking business development strategy announced earlier this year, the stake will soon be transferred to NOMOS-BANK, increasing NOMOS' stake in Otkritie Bank to 41.17%. This continues the Corporation's strategy of integrating its banking business with NOMOS-BANK as the banking group's parent company. On completion of the strategy, NOMOS-BANK will hold controlling interests in Otkritie Bank and the Bank of Khanty-Maniysk.

Within the banking group, Otkritie Bank will serve retail clients and SMEs, while NOMOS-BANK will concentrate on corporate banking. The Bank of Khanty-Mansiysk, a strong regional leader, will operate as a full-service bank focused on the Khanty-Mansi Autonomous District and the Tyumen Region, where it has always had a significant market share.

Evgeny Dankevich, Chairman of Otkritie Bank's Management Board commented: “The DIA's exit from Otkritie Bank demonstrates that the banks that merged into Otkritie Bank have successfully completed their financial recovery and that Otkritie Bank is in a strong market position.”

Otkritie Bank was created in 2008, when Otkritie FC acquired and turned around the Russian Development Bank. The DIA also became a shareholder in the bank as part of the financial rehabilitation measures taken by the government. The bank was later renamed Otkritie Bank and took over three other banks: Otkritie Investment Bank, Bank Petrovsky, and Sverdlovsk Gubernsky Bank.