Monday, December 11, 2017

Otkritie Bank posts $430 million in FFOMS deposits

Otkritie Bank announced on Friday that it has signed an agreement with the Federal Mandatory Health Insurance Fund (FFOMS) to place $430 million in FFOMS deposits.

Per the agreement, the deposits will be temporarily held in Otkritie-owned Discovery Bank accounts free-of-charge for a period of 62 days starting on Thursday. During the period, the funds will be available as cash flow.

Otkritie was selected by FFMOS for the transaction based on the bank's excellent capital adequacy ratio.