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Czech private equity firm PPF exits Russia’s Nomos Bank

9 Aug 2012

Czech private equity firm PPF has sold its entire stake in Nomos Bank, Russia’s second largest private bank by assets and the country’s eighth largest overall, to a consortium led by Otkritie Financial Corp.

Analysts said the sale of the 26.53 per cent stake to Otkritie Financial Corp, Alexander Mamut and Oleg Malis marks the first step in a reported merger between Nomos and Otkritie Bank, which would create the country’s second largest private lender by assets.

The move would create a bank with combined assets of RUB608bn ($18.69bn), putting it second to oil-to-retail tycoon Mikhail Fridman’s Alfa Bank.

It would also step up competition for Russia’s state-owned lenders, two of which – VTB and Sberbank, which boasts 12 times Alfa’s assets – currently dominate the Russian banking industry.

Vedomosti reported on 17 July that Nomos was close to buying Otkritie.

Otkritie already holds a 19.9 per cent stake in Nomos.

Full financial terms of the deal were not disclosed.

“We welcome the entry of these new shareholders into the bank’s capital structure and we expect this transaction to build on the successful track record of cooperation between Nomos Bank and Otkritie Financial Corp,” Nomos Bank president Dmitry Sokolov said on Thursday.

“The bank’s strategy remains the same: we will continue to develop our position as a universal bank with a broad regional presence focusing on our key areas, including Moscow and Moscow Region, St. Petersburg, Tyumen (including Khanty-Mansi Autonomous Area), Novosibirsk Oblast and Khabarovsk Krai.

“We will remain focused on building our three key client segments: corporate clients, small businesses and individuals and delivering a best-practice service and product offering. ”

Otkritie Bank is majority-owned by Otkritie Financial Corp, which is backed by its directors, VTB and minority shareholder Anatoly Chubais.

The Deposit Insurance Agency also owns 24 per cent of Otkritie, while the International Finance Corp owns 14 per cent.

Nomos is also part-owned by Russian businessman Alexander Nesis.

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