Cbank to sell part of Otkritie FC Bk in 21 to pvt invest, at IPO

MOSCOW, Jan 28 (PRIME) -- The Russian central bank plans to sell its stake in Otkritie Financial Corporation (FC) Bank in 2021 to private investors or at an initial public offering (IPO), it said in a statement on Tuesday.

The central bank said that it had invited Russian and foreign investment consultants to prepare proposals of the strategy of quitting the Otkritie banking group until March 16, 2020.

“The central bank plans to quit capital of the Otkritie group, taking into account the need to create a reasonable balance between the maximum return of the costs on financial recovery of the Otkritie banking group and the exit term, “ the statement said.

“The year of 2021 will probably be the time of the first deals to reduce participation of the Central Bank of Russia… Several scenarios of the sale of the stake are considered, including private or public offerings,” the authority said.

Otkritie FC Bank was the first large bank acquired by the Banking Sector Consolidation Fund of the central bank for bailout. In July 2019, the central bank said that the recovery was complete, about two years after the bailout start.

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