Otkritie FC Bank

Otkritie FC Bank
Native name
 Банк «ФК Открытие»
Formerly called
 NOMOS-Bank
Public (LSE: OFCB, MCX: NMOS)
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

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]

Ownership

Its current owners include the Czech PPF Group (29.9%)[9] owned by Petr Kellner, the Slovak businessman Roman Korbačka (20%),[10] and the Russian ICT Group (50.1%) of which Alexander Nesis is President.[11]

Currency exchange

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.[12]

On October 21, 2013, NOMOS-BANK has been admitted to trading on the Moscow Exchange.[13]

References

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