PRESS: Otkritie FC Bank sells interest in Cypriot bank RBC

MOSCOW, Aug 24 (PRIME) -- Otkritie Financial Corporation (FC) Bank has sold its 19.8% interest in Cypriot bank Russian Commercial Bank (RBC), business daily Vedomosti reported on Thursday, citing sources with knowledge of the situation.

One of the sources said that the deal was a forced step because Otkritie FC Bank needs money due to a recent outflow of client funds.

A representative of VTB, the largest shareholder of RBC with a 46.3% stake, confirmed the sale of the interest by Otkritie FC Bank.

A representative of Otkritie FC Bank told Vedomosti that the stake in RBC was seen as a portfolio investment. “Our expectations from it have been fully met, we have received an attractive offer and are closing the investment with a significant profit.”

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