OREANDA-NEWS. Otkritie Group has completed reorganisation of its retail banking business - Otkritie Bank and Novosibirsk Municipal Bank have merged into the Bank of Khanty-Mansiysk.

According to Otkritie Group's banking strategy, the reorganised Khanty-Mansiysk Otkritie Bank will be a full-service retail bank. The Bank is in Russia's TOP-15 by assets (approx. RUB 530 billion according to its IFRS financial statements as at 30 June 2014) as well as by retail lending, private clients' funds and small business loan portfolio.

Khanty-Mansiysk Otkritie Bank will operate under two brands, continuing as the Bank of Khanty-Mansiysk in the regions where the brand awareness is high (especially in the Khanty-Mansi Autonomous District), but turning into Otkritie Bank for the rest of Russia. Novosibirsk Municipal Bank has become the Municipal Branch; its offices will also operate as Otkritie Bank.

Dmitry Mizgulin, President and Managing Board Chairman at the former Bank of Khanty-Mansiysk, will serve as the President and Board of Directors Chairman of Khanty-Mansiysk Otkritie Bank. Evgeny Dankevich, Managing Board Chairman at the former Otkritie Bank, will hold the same office at the new Bank. Elena Budnik will be the Bank's CEO.

"The reorganisation resulting in one of the largest full-service retail banks with a wide regional network will not only make our business more sustainable and efficient but also provide a basis for a significant sales growth thanks to better service range and level," says Dmitry Mizgulin, President of Khanty-Mansiysk Otkritie Bank.

"The legal part of the reorganization has been completed," says Evgeny Dankevich, Chairman of the Bank's Managing Board. "In 2015, we are going to integrate our IT systems and business processes and unify the regional network. Thus we will ensure uniform high-quality service across the entire Russia."

As Khanty-Mansiysk Otkritie Bank is the successor to the merged institutions, all current obligations of the Bank of Khanty-Mansiysk, Otkritie Bank and Novosibirsk Municipal Bank will continue in full force and effect. The reorganised Bank will be headquartered in Moscow.