Report: VTB: Purchase of Otkritie not to influence 2022 results

MOSCOW, Feb 7 (PRIME) -- The purchase of Otkritie Financial Corporation (FC) Bank will not influence VTB Bank’s financial results for 2022, VTB CEO Andrei Kostin said in an interview with Rossiya 24 television channel, broadcasted on Tuesday.

“The deal will not anyhow influence the 2022 results, because the merger was performed in the very last days of the year. But in the future, of course, the deal will add a quarter to our bank’s assets,” he said.

Kostin also said that complete consolidation of the banks will take around 1.5–2 years.

“We plan to merge with the bank completely, to transfer the business and the clients to VTB Bank, and to cancel the license in order to work under a single brand. The principle has applied to all our mergers. The way is the most efficient one,” he said.

In December 2022, the central bank sold 100% of Otkritie to VTB for 340 billion rubles.

(70.5991 rubles – U.S. $1)

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