Aggregated News From Investment Management Regulators

Bank of Russia approves consultants on Otkritie divestment strategy


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The Bank of Russia has approved VTB Capital and JPMorgan as investment consultants to develop proposals on a strategy for divestment from the banking group Bank Otkritie Financial Corporation (the BOFC group). Based on the Bank of Russia’s decision, the competitive selection was carried out by Limited liability company Fund of Banking Sector Consolidation Asset Management Company (FBSC AMC Ltd.).

In accordance with the main strategy for divestment from the BOFC group, the first stage involves partial sales of shares through initial public offering (IPO) in 2022. However, the BOFC group or its individual entities may be sold to a strategic investor, provided this is economically justified and does not disturb competition in the market.

The most important criteria for selecting the consultants were their general competence, expertise in finance, experience in Russian companies’ IPO, and the identification of the key investment attractiveness factors of the asset.

During the next year, the Bank of Russia, jointly with FBSC AMC Ltd. and the consultants, is going to settle main strategic issues related to the transaction and complete relevant preparations of the asset for sale.

When making a decision on a strategy for divestment from the BOFC group, the Bank of Russia will make sure that this transaction does not decrease competition in the financial market segments where the BOFC group operates and the process of the Bank of Russia’s divestment from the group is as transparent as possible to market participants and general public.

This news item was originally published by the Central Bank of the Russian Federation (CBR RU). For more information, see the Source Link.

Regulator Information

Abbreviation: CBR
Jurisdiction: Russian Federation

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