The Central Bank of Russia has signed a deal to sell 100% of shares in Otkritie Bank to the VTB Group for 340 billion rubles, the regulator said in a statement.
VTB will pay a cash consideration of 233.1 billion rubles plus federal loan bonds or OFZ worth 106.8 billion rubles at market value for the shares. The deal will close by December 31, provided VTB makes payment in full.
The independent appraiser JSC DRT valued the Otkritie shares at 328 billion-374 billion rubles.
VTB said in a statement that a plan for integrating the banks would be approved after the deal is closed. VTB said nothing would change for Otkritie customers in the near future, and that the bank intended to retain key products and services. The development of the product line will continue based on the VTB Group's technological, product and financial capabilities.
