The owners of Otkritie Bank and Nomos Bank, which is part-owned by Czech private equity firm PPF, are reported to be in merger talks to create the country’s second largest private lender by assets.
The merger would create a bank with combined assets of RUB608bn ($18.69bn), putting it second to oil-to-retail tycoon Mikhail Fridman’s Alfa Bank, Reuters reported on Tuesday.
The merger would 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.
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 part-owned by Czech private equity firm PPF and Russian businessman Alexander Nesis.
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