Russia's bailed-out Otkritie Bank to be sold to VTB for $4.7 bln (updated)

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22/12/2022 09:54

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 (Adds detail, quote)
       MOSCOW, Dec 22 (Reuters) - The Bank of Russia on
Thursday said it had agreed to sell bailed-out Otkritie Bank to
the country's No.2 lender, state-owned VTB  VTBR.MM , for 340
billion roubles ($4.7 billion).
    The deal consists of 233 billion roubles in cash and the
remainder in OFZ treasury bonds, the central bank said.      
    The central bank bailed out Otkritie, once Russia's largest
private lender, in 2017 as part of a years-long campaign to
clean up Russia's banking sector.
        Otkritie had previously been linked with a possible sale
to Italy's UniCredit or even a public stock market launch before
sanctions torpedoed plans for anything more than a domestic
transaction. 
  
        "The Bank of Russia's board of directors decided to sell
100% of shares in Otkritie Bank to VTB Bank," the central bank
said in a statement. 
  
        "Independent assessor DRT assessed their market value in
the range of 328-374 billion roubles." 
  
        Otkritie and its group of companies has previously been
valued at up to 400 billion roubles. 
  
($1 = 72.3200 roubles)
 (Reporting by Maria Kiselyova and Alexander Marrow; Editing by
Mark Trevelyan)
 ((alexander.marrow@thomsonreuters.com))