Otkritie Bank to surrender license in 2025

ST. PETERSBURG. July 6 (Interfax) - VTB will voluntarily liquidate Otkritie Bank in 2025, VTB Deputy Chairman Dmitry Pyanov told reporters on the sidelines of the Bank of Russia Financial Congress.

"We understand that we need 2023 to fully hand IT systems over to VTB, and to accept the client base. In 2024, there will be a migration of the active client base. In 2025, we will enter the stage of voluntary liquidation and surrender of the license by the Otkritie banking financial corporation", he said.

VTB plans to optimize 40% of Otkritie's administrative and management cost base for 2023.

The Otkritie group in December last year became part of VTB, which bought the group's assets from the Central Bank for 340 billion rubles.