State-owned Russian bank VTB Group has acquired a 9.99% stake in financial group Otkritie Holding.
Originally, the shares were pledged as additional collateral under a loan deal with VTB by Boris Mints and Vadim Belyaev. Mints was among one of the founders of the Russian financial group and Belyaev holds a 27.1% stake in the group.
The shares were transferred to VTB after the loan repayment period expired last year.
Otkritie, which does not have any controlling shareholder, also includes Leonid Fedun’s IFD Kapital, Otkritie CEO Ruben Aganbegyan and tycoon and investor Alexander Mamut as other major shareholders.
Otkritie Holding management board chairman Ruben Aganbegyan remarked, "Otkritie and VTB Bank have worked successfully together for many years. A new strong shareholder, who is familiar with what the company represents, particularly under current market conditions, is a positive factor in terms of both improving the stability of the business and its opportunities for growth. Once the shares are transferred, Otkritie’s shareholders will have fully discharged their obligations to VTB Bank."
Earlier, VTB bought a 19.99% stake in Otkritie in 2009 and exited the shareholder structure four years later.