Bank of Russia and VTB Bank (PJSC) sign agreement to sell Bank Otkritie Financial Corporation (Public Joint-Stock Company)
The Bank of Russia Board of Directors has decided to sell 100% of shares of Bank Otkritie Financial Corporation (Public Joint-Stock Company) to VTB Bank (PJSC).
In accordance with the law,1 the Bank of Russia Board of Directors is entitled to decide on selling shares of Bank Otkritie Financial Corporation (Public Joint-Stock Company) at their market value. AO BUSINESS SOLUTIONS AND TECHNOLOGIES, an independent appraiser, estimated their market value at
The Bank of Russia and VTB Bank (PJSC) signed an agreement on selling 100% of shares of Bank Otkritie Financial Corporation (Public Joint-Stock Company), whereby the buying price for the shares is 340 billion rubles.
The shares of Bank Otkritie Financial Corporation (Public Joint-Stock Company) are paid for with cash in the amount of 233,126,864,828 rubles 15 kopecks, as well as with federal government bonds, the value of which is calculated using market prices and amounts to 106,873,135,171 rubles 85 kopecks.
The parties agreed that the title to shares of Bank Otkritie Financial Corporation (Public Joint-Stock Company) will be transferred to VTB Bank (PJSC) no later than 31 December 2022 provided that VTB Bank (PJSC) fulfils its obligations to pay in full.
The Supervisory Board of VTB Bank (PJSC) also approved the transaction.
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