Bank FK Otkrytiye : “Otkritie” transferred to “Trust” non-core assets in the amount of 438 billion RUB and repaid its debt to the Central

16 November 2018

On November 15, 2018, the spin-off of the Bank Otkritie Spetsialny from the Bank Otkritie and its transfer to the Bank's balance of non-core assets, operating under the license of the Bank Trust was completed. The corresponding entry appeared in the Uniform State Register of Legal Entities. The total amount of transferred assets amounted to about 438 billion rubles. During the process of spin-off of the Bank Otkritie Spetsialny, Bank Otkritie also transferred to Trust the requirements for deposits of the Bank of Russia. We remind that earlier the bank returned 603 billion rubles out of 710 billion rubles allocated within the framework of financial recovery procedures, of which 330 billion rubles were provided ahead of schedule. Thus, according to the results of completion of the spin-off procedure of Otkritie Spetsialny, on the balance of the Bank Otkritie there are no deposits of the Bank of Russia, and all its passive base is formed of solely market sources.

Due to the spin-off of Otkritie Spetsialny and joining it to the Bank Trust, the teams of both banks complete a huge layer of work related to the division of assets into core and non-core. Taking into account the scope, complexity and importance of the implemented operation not only for the Bank Otkritie, but also for the banking sector and the economy of the country as a whole, the process of spin-off was carried out in an unprecedented short time. The spin-off of Otkritie Spetsialny became one of the final stages in the formation of the Bank's non-core assets portfolio. The final consolidation of assets will be completed in March 2019 after affiliation of Avtovazbank to the Bank Trust.

In July 2018 Federal Antimonopoly Service (FAS) agreed on the request to join the structure of the Bank Otkritie with non-core assets - Otkritie Spetsialny - to the Bank Trust, on the basis of which the Bank of non-core assets was established.

To the Bank of non-core assets, the non-core assets of Otkritie, Binbank, reorganized Rost Bank and Avtovazbank, as well as part of the assets of Promsvyazbank are transferred. The bank will be replenished until the end of 2019, its total volume will be more than 2 trillion rubles.