Otkritie FC Bank
|Банк «ФК Открытие»|
|Public (LSE: OFCB, MCX: OFCB)|
|Revenue||US$616.2 million (2010)|
|Profit||US$250.85 million (2013)|
|Total assets||US$18.7 billion (2010)|
|Rating||Ba3 (Moody's), BB- (S&P) (2017)|
Otkritie FC Bank (Russian: Банк «ФК Открытие», translates as opening or discovery) is one of Russia's largest private listed banks. It has 21 branches and 31 representative offices in Russia. It was co-founded by Igor Finogenov, now CEO of the Eurasian Development Bank.
Otkritie Bank ranks 1st among privately owned banks and 4th by assets among banking groups in Russia.
Otkritie allegedly became Russia's largest private bank 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. As repo funding had a 2.5% interest rate and the bond had a 7.5% coupon, Otkritie made billions from the trade.
The bank was established as Shchit-Bank (Russian for shield), a name it retained until it was acquired by Vadim Belyaev and Boris Mints in 2006. In 2012 Otkritie took over NOMOS-Bank, using a $1bn loan from VTB Bank. In 2014 NOMOS-Bank was renamed to Otkritie Financial Corporation Bank. The bank experienced a significant outflow of liquidity in August 2017, after it was assigned a BBB- rating by ACRA.
Its current owners include the Czech PPF Group (29.9%) owned by Petr Kellner, the Slovak businessman Roman Korbačka (20%), and the Russian ICT Group (50.1%) of which Alexander Nesis is President.
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.
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