First Vice President and Chairman of the Board of Directors of VTB Dmitry Pyanov said at SPIEF that the smooth merger of Otkrytie Bank will allow the structure to save about 20 billion rubles until 2025, redirecting funds towards marketing, development of new products and a network of branches.
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“We bought Otkritie at the end of 2022, in January 2025 this bank will join BM Bank. Savings (personnel, expenses) are distributed between 2023, 2024 and part of 2025,” TASS quotes Pyanov.
Already in winter, VTB credit and debit cards began to be issued at the Otkritie offices. The final merger is expected by the end of 2024.
Pyanov also recalled that VTB plans to merge the largest Crimean bank, RNKB, in 2025.
Since March 2023, RNKB has been part of the VTB group as an independent legal entity and in 2025 it plans to directly merge the Crimean bank “according to the Otkritie scheme” and transfer it under a common brand.
“We will try to establish a legal connection, because it is the only way to make transfers fast, simple and without losses for clients,” Interfax quotes the first vice president.
The decision was made for several reasons: to reduce costs by almost 30%, to increase the efficiency of import substitution (since both VTB and RNKB have critical infrastructure for replacement) and to transfer a number of interesting digital products from VTB to the general use.
Author:
Ekaterina Alipova
Source: RB
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