Measures aimed at improving financial stability of Bank Otkritie Financial Corporation completed

The Bank of Russia Board of Directors has decided to complete the implementation of bankruptcy prevention measures for PJSC Bank Otkritie Financial Corporation (Reg. No. 2209; hereinafter, the ‘Bank’). The term of implementation of the plan of the Bank of Russia’s participation in bankruptcy prevention measures for PJSC Bank Otkritie Financial Corporation has terminated.

The implemented bankruptcy prevention measures helped ensure that the Bank can uninterruptedly perform its activity with regard to servicing its customers and make loss provisions for toxic assets in the amount required to cover the existing and potential risks. These measures also helped stabilise the Bank’s financial position. Currently, the Bank complies with all Bank of Russia statutory requirements for financial resilience and creditworthiness, which allows the regulator to start applying the common supervisory regime with respect to the Bank.

The Bank of Russia intends to sell a part of its portfolio of the Bank’s shares in 2021. The number of shares to be sold will be determined based on the market situation and the Bank’s performance. The Bank of Russia will also take into account the ways of disposal of shares of banks acquired by the regulator as part of bankruptcy prevention measures provided for by the Russian law.

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