Otkritie FC Bank

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Otkritie FC Bank
Native name
Банк «ФК Открытие»
Formerly called
NOMOS-Bank
Public (LSEOFCB, MCXOFCB)
Industry Banking
Founded 1993
Headquarters Moscow, Russia
Services Financial services
Revenue Increase US$616.2 million (2010)
Profit Increase US$250.85 million (2013)
Total assets Increase US$18.7 billion (2010)
Parent Otkritie Holding
Rating Ba3 (Moody's), BB- (S&P) (2017)[1]
Website www.otkritiefc.com
Nomos bank office in Moscow
Nomos bank office in Perm

Otkritie FC Bank (Russian: Банк «ФК Открытие», translates as opening or discovery) is one of Russia's largest private listed banks.[2] It has 21 branches and 31 representative offices in Russia.[3] It was co-founded by Igor Finogenov, now CEO of the Eurasian Development Bank.[4]

Otkritie Bank ranks 1st among privately owned banks and 4th by assets among banking groups in Russia.[5]

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.[6] As repo funding had a 2.5% interest rate and the bond had a 7.5% coupon, Otkritie made billions from the trade.[6]

History[edit]

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.[6] In 2012 Otkritie took over NOMOS-Bank,[7] using a $1bn loan from VTB Bank.[6] In 2014 NOMOS-Bank was renamed to Otkritie Financial Corporation Bank.[8] The bank experienced a significant outflow of liquidity in August 2017, after it was assigned a BBB- rating by ACRA.[9]

Ownership[edit]

Its current owners include the Czech PPF Group (29.9%)[10] owned by Petr Kellner, the Slovak businessman Roman Korbačka (20%),[11] and the Russian ICT Group (50.1%) of which Alexander Nesis is President.[12]

Currency exchange[edit]

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.[13]

On October 21, 2013, NOMOS-BANK has been admitted to trading on the Moscow Exchange.[14]

References[edit]

  1. ^ "Рейтинг банков - 2017 (таблица)". Forbes.ru. 23 March 2017. Archived from the original on 23 May 2017. Retrieved 1 May 2017. 
  2. ^ "Archived copy". Archived from the original on 2014-07-14. Retrieved 2014-07-10. 
  3. ^ "Archived copy". Archived from the original on 2008-09-21. Retrieved 2008-08-24.  (in Russian)
  4. ^ "Archived copy". Archived from the original on 2008-06-24. Retrieved 2008-08-25.  (in Russian)
  5. ^ "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. 
  6. ^ a b c d "Russia: Inside the private bank backed by the state". FT. Archived from the original on 5 March 2017. Retrieved 6 April 2017. 
  7. ^ "Otkritie Formalizes Nomos-Bank Take Over". Moscow Times. Archived from the original on 4 March 2016. Retrieved 6 April 2017. 
  8. ^ Otkritie has launched an updated brand platform and renamed two entities in the Group Archived 2014-07-14 at the Wayback Machine.
  9. ^ "Russian bank Otkrytie significantly reduces its holding of Russia 2030 Eurobonds". IntelliNews. Archived from the original on 18 August 2017. Retrieved 20 August 2017. 
  10. ^ "Archived copy". Archived from the original on 2009-01-05. Retrieved 2008-08-26. 
  11. ^ "Archived copy". Archived from the original on 2009-01-05. Retrieved 2008-08-26.  - rounded up to 1 d.p.
  12. ^ http://www.ict-group.ru/index.php?id=16,51,0,0,1,0 Archived 2011-10-04 at the Wayback Machine.
  13. ^ Guthrie, Sam. "Nomos Bank launches real-time currency conversion system". Yekaterinburg News. 2/10/2014. Retrieved 2/10/2014.
  14. ^ 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. 

External links[edit]