Otkritie FC Bank

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For the parent company of the bank, see Otkritie Holding.
Bank Otkritie Financial Corporation
Native name
ПАО Банк «Финансовая Корпорация Открытие» (Банк «ФК Открытие»)
FormerlyNOMOS-Bank
Company typePublic Joint-Stock Company
LSE: OFCB, MCX: OFCB
IndustryBanking
FoundedDecember 15, 1992; 31 years ago (1992-12-15)[1]
Headquarters
Moscow
,
Russia
ServicesFinancial services
Revenue$3.76 billion[2] (2017)
$758 million[3] (2016)
$22.4 million[3] (2016)
Total assets$40.3 billion[3] (2016)
Total equity$3.46 billion[3] (2016)
ParentOtkritie Holding
RatingBa3 (Moody's), BB- (S&P) (2017)[4]
Websiteopen.ru

PJSC "Bank Otkritie Financial Corporation"[5] or Otkritie FC Bank (Russian: Банк «ФК Открытие», translates as opening or discovery) is one of Russia's largest private listed banks.[6] It has 21 branches and 31 representative offices in Russia.[7] It was co-founded by Igor Finogenov, now CEO of the Eurasian Development Bank.[8]

Otkritie Bank ranks 1st among privately owned banks and 4th by assets among banking groups in Russia.[9]

History

Nomos bank office in Moscow
Nomos bank office in Perm

The lending institution was registered as TIPCO Venture Bank (Russian: ТИПКО Венчур Банк) in 1992. The bank was renamed in 1994 as joint stock investment commercial bank Novaya Moskva (Russian: Новая Москва, Russian for New Moscow), and Nomos-Bank (Russian: Номос-Банк) in 2007. ICT Group (Alexander Nesis is a co-owner) gathered a controlling stake in the bank in May 2006.[10]

Otkritie Holding

In 2012 Otkritie took over NOMOS-Bank,[11] using a $1bn loan from VTB Bank.[12]

In 2014 NOMOS-Bank was renamed to Otkritie Financial Corporation Bank.[13]

In 2014 the Bank of Russia picked Bank FC Otkritie to rescue National Bank Trust[14].

Otkritie allegedly became Russia's largest private bank in late 2014 by buying 625 billion rubles in bonds from the state oil company Rosneft, using them as collateral to obtain reverse repo loans from the Central Bank of Russia, then passing on the dollars it received to Rosneft, which is not allowed access to international capital markets due to western sanctions.[12] As repo funding had a 2.5% interest rate and the bond had a 7.5% coupon, Otkritie made billions from the trade.[12]

In 2015, all in all, Otkritie Holding's banks lay claims to get a big share of government aid among all private banks (Rub 65.2 bln or 7.8% of the government program).[15]

Acquisitions and united bank

Further information: Otkritie Holding

In 2016, Financial group has completed the legal takeover of Khanty-Mansiysk Otkritie Bank by Otkritie FC Bank. As the financial group's press service reported, the merged bank would hold total assets of Rub 3.1 tln.[16]

In December 2016 Otkritie Group and Rosgosstrakh Group (the Russia's largest insurance company) agreed to merge[17].

Outflow of liquidity

Otkritie experienced a significant outflow of liquidity in July 2017, after it was assigned a BBB- rating by ACRA.[18] According to the Financial Times, senior managers of Otkritie have removed their personal funds from the bank.[19] By late August Oktrikie shares had fallen to a 20-month low.[20]

On 29 August 2017 the Central Bank of Russia announced it would take over administration of Otkritie.[21][22]

Ownership

Currency exchange

In 2014, the bank offered a service called Client Bank, an online currency conversion service. Corporate customers can use Client Bank to exchange currency online.[23]

On October 21, 2013, NOMOS-BANK has been admitted to trading on the Moscow Exchange.[24]

References

  1. ^ "Справочник по кредитным организациям - Банк России". www.cbr.ru.
  2. ^ "Рейтинг крупнейших компаний России по объему реализации продукции". Expert RA. Archived from the original on 28 October 2018. Retrieved 28 October 2018.
  3. ^ a b c d Error: Unable to display the reference properly. See the documentation for details.
  4. ^ "Рейтинг банков - 2017 (таблица)". Forbes.ru. 23 March 2017. Archived from the original on 23 May 2017. Retrieved 1 May 2017. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  5. ^ "Bank Otkritie". www.open.ru.
  6. ^ "Archived copy". Archived from the original on 2014-07-14. Retrieved 2014-07-10. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)CS1 maint: archived copy as title (link)
  7. ^ "Archived copy". Archived from the original on 2008-09-21. Retrieved 2008-08-24. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)CS1 maint: archived copy as title (link) (in Russian)
  8. ^ "Archived copy". Archived from the original on 2008-06-24. Retrieved 2008-08-25. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)CS1 maint: archived copy as title (link) (in Russian)
  9. ^ "Based on Interfax – CEA ranking in accordance with RAS financial statements as of March 31, 2016". Archived from the original on 8 November 2016. Retrieved 8 November 2016. {{cite journal}}: Cite journal requires |journal= (help); Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  10. ^ http://www.banki.ru/banks/engbanks/bank/?id=690
  11. ^ "Otkritie Formalizes Nomos-Bank Take Over". Moscow Times. Archived from the original on 4 March 2016. Retrieved 6 April 2017. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  12. ^ a b c "Russia: Inside the private bank backed by the state". FT. Archived from the original on 5 March 2017. Retrieved 6 April 2017. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  13. ^ Otkritie has launched an updated brand platform and renamed two entities in the Group Archived 2014-07-14 at the Wayback Machine
  14. ^ http://www.banki.ru/news/engnews/?id=7514130
  15. ^ http://www.banki.ru/news/engnews/?id=7873963
  16. ^ http://www.banki.ru/news/engnews/?id=7873963
  17. ^ http://www.banki.ru/news/engnews/?id=9480705
  18. ^ "Russian bank Otkrytie significantly reduces its holding of Russia 2030 Eurobonds". IntelliNews. Archived from the original on 18 August 2017. Retrieved 20 August 2017. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  19. ^ "Otkritie sells stake in Cypriot bank RCB". Ft.com. Retrieved 26 August 2017.
  20. ^ "Shares in Russian bank Otkritie sink to 20-month low". Mail Online. Retrieved 29 August 2017.
  21. ^ "О мерах по повышению финансовой устойчивости ПАО Банк «Финансовая Корпорация Открытие»". Банк России. Retrieved 29 August 2017.
  22. ^ "Russian central bank steps in to rescue Otkritie". Financial Times. Retrieved 29 August 2017.
  23. ^ Guthrie, Sam. "Nomos Bank launches real-time currency conversion system". Yekaterinburg News. 2/10/2014. Retrieved 2/10/2014.
  24. ^ Waits, Douglas (September 17, 2013). "NOMOS-Bank Eurobonds admitted to MICEX trading". Cistran Finance. Archived from the original on 29 October 2013. Retrieved 25 October 2013. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)

External links

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