VTB completed the acquisition of Otkritie Bank

“Today we are completing one of the largest projects in the field of banking infrastructure, its geography covers almost 70% of the country’s territory and is represented from Kaliningrad to Petropavlovsk-Kamchatsky,” said the member of the VTB board of directors, Ruslan Eremenko.

He noted that as a result of the integration, most of Otkritie’s branches continued to operate under the VTB brand, except for duplicate offices. Eremenko added that the Otkritie merger allowed VTB to strengthen its infrastructure, its regional presence and become “even more accessible and closer to customers.”

The Bank of Russia closed the deal to sell Otkritie to VTB at the end of December 2022, the purchase amount was 340 billion rubles. The shares were paid in cash (more than 233 billion rubles) and federal loan bonds worth 106 billion rubles.

As of mid-December 2024, more than 4.6 thousand Otkritie ATMs were auctioned for a total value of at least 1.7 billion rubles. Decommissioned ATMs may be necessary for “niche players who are willing to invest in their modernization, or in cases where the high cost of new devices makes the purchase of used ATMs economically justified” , Amarkets chief analyst Igor Rastorguev explained to RB.RU.

Otkritie was founded in Moscow in 1992. In the Interfax-100 ranking for the third quarter of 2024, the bank took 14th place in terms of assets in Russia with an indicator of more than one billion rubles.