Russia's VTB Bank to finalise Otkritie integration by end-2024
Reuters
Published Dec 07, 2023 05:06AM ET
MOSCOW (Reuters) - Russia's No. 2 lender VTB will complete its integration of Otkritie Bank by the end of 2024, ahead of schedule, Georgy Gorshkov, deputy president and board chairman, said on Thursday.
The central bank bailed out Otkritie, once Russia's largest private lender, in 2017 as part of a years-long campaign to clean up Russia's banking sector. It then sold Otkritie to VTB in late 2022 for 340 billion roubles ($3.68 billion).
The integration, which has helped VTB soothe some capital issues after slumping to a sanctions-induced $7.7-billion loss in 2022, was due to be completed in 2025.
VTB has been synchronising the offerings for retail customers and migrating some cash loans.
"In December this year, the gradual transfer of Otkritie's branch network to the VTB brand will begin," Gorshkov said. "This process will be fully completed by the end of 2024."
($1 = 92.4900 roubles)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.