Russia’s Otkritie FC Bk merges with Khanty-Mansiysk Otkritie Bk

MOSCOW, Aug 23 (PRIME) -- Russian financial group Otkritie has finished merger of its affiliate Khanty-Mansiysk Otkritie Bank with Otkritie Financial Corporation (FC) Bank, with the new bank having the name of Otkritie Financial Corporation (FC) Bank, the bank said in a statement Tuesday.

“In the largest merger in Russian financial history, Otkritie Banking Group has completed the legal procedures to integrate Khanty-Mansiysk Otkritie Bank into Otkritie FC Bank. The resulting bank has assets of 3.1 trillion rubles and is the largest private financial institution in Russia by asset size. Complete integration, including unification of product lines, operating processes and IT systems, will wrap up by the end of 2017,” the bank said.

“Creating a unified bank is the last step in our banking group integration strategy. The merger will increase the stability and efficiency of our business, improve capital management and further strengthen our positions in the Russian banking market. Following integration, we will be able to offer clients even better service and reliability,” the bank quoted Yevgeny Dankevich, chairman of its management board, as saying.

(64.2078 rubles – U.S. $1)

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