Thursday, August 17, 2017

Otkritie Financial Corporation Bank to acquire 19.85 percent stake in RCB Bank

Otkritie Financial Corporation Bank announced on Thursday that it will acquire a 19.85 percent stake in RCB Bank, a subsidiary of VTB Group, before the end of the year.

The acquisition of RCB shares was arranged as part of an additional issue of shares to occur later in 2014 and will be subject to approval by the Central Bank of Cyprus.

"Gaining Otkritie Bank as a new shareholder in RCB Bank, Ltd., will undoubtedly contribute to the strengthening of the...bank's positions in both local and international markets," VTB Bank First Deputy President Vasily Titov said. "With this new shareholder aboard, VTB Group will have a strong partner and a strategic investor with whom we intend to further develop this important asset together."

Founded in 1995, RCB Bank operates branches and financial management offices throughout the Republic of Cyprus, Nicosia, Limassol and Luxembourg. As of June 30, RCB Bank's assets were valued at more than nine billion dollars.

"We consider this deal not only as a promising financial investment, but also as an opportunity to develop the business of the Otkritie Banking Group at an international level," Otkritie Financial Corporation Bank President Dmitry Romaev said. "Holding a sizable share in a major bank in an EU country will enable us to expand our line of products and services and offer our clients additional products and services that meet their needs."