VTB sells Otkritie FC stake to Rosbuilding founder
MOSCOW. April 11 (Interfax) - VTB has sold its whole stake in Otkritie Financial Corporation as part of its program to sell off minority stakes in financial industry assets, the state bank said in a statement.
The stake was sold to Sergei Gordeyev, the founder of Rosbuilding, a development company once prominent on the Russian market.
VTB's stake in Otkritie FC, taking into account a new share issue, amounted to 7.96% at the time of the deal, Otkritie said.
"During many years of working with us on a number of projects, Sergey [Gordeyev] has proved to be a reliable partner who sees eye-to-eye with us. We are also determined to continue our cooperation with VTB Group, which will remain a strategic partner of the Corporation," Otkritie FC CEO Ruben Aganbegian was quoted as saying in the company press release.
"The acquisition of the stake in Otkritie was a strategic investment for VTB Group. The deal we have just completed clearly demonstrates the efficiency of our investment," VTB management board chairman Yury Solvyev said in the bank's press release, adding that VTB "will continue to support the Corporation's current and new projects."
VTB acquired about 20% of Otkritie at the height of the crisis in early 2009. Since then its stake has been diluted because Otkritie issued new shares to acquire Nomos Bank .
Gordeyev set up the company Horus Capital after Rosbuilding left the market. In 2010, Horus Capital's business centers were bought by developer O1, which is owned by Otkritie co-owner Boris Mints.
Otkritie Financial Corporation acquired 19.9% of Nomos-Bank in August 2012. It planned to acquire complete control of the bank in two years and then carry out an IPO. After the merger is complete the Nomos-Bank shareholders will be as follows: Vadim Belyaev and his team of key managers will own up to 25% and stakes of up to 10% will belong to ICT and VTB Group companies, Boris Mints and Alexander Mamut.
Nomos-Bank was ranked number 11 by asset value and Oktritie was number 33 in the Interfax 100 review of Russia's banks in 2012.