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Report: Otkritie repays almost half of liquidity financing from regulator

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Report: Otkritie repays almost half of liquidity financing from regulator

Otkritie Financial Corp. Bank repaid 330 billion Russian rubles worth of liquidity support it received from the Russian central bank at the initial stage of a financial recovery procedure launched for the lender in August 2017, Kommersant reported Feb. 16.

The lender reportedly repaid 150 billion Russian rubles at the end of 2017 and made another, 180 billion ruble repayment at the beginning of February, ahead of the repayment schedule.

The repaid funds constitute almost half of the liquidity support the lender received from the central bank during the initial stage of its bailout, the newspaper noted. In August 2017, the lender obtained a 180-day loan of 330 billion rubles from the central bank, with a further three-year loan of 380 billion rubles provided by the regulator at the end of September that year.

Otkritie Bank's head Mikhail Zadornov also reportedly said during a recent meeting with the lender's large corporate clients that the bank does not experience problems with liquidity at the moment, while an increase in client funds between December 2017 and February shows restored customer confidence and the increased financial stability of the lender. In December 2017 alone, the value of client funds held in Otkritie increased by 90 billion rubles to 719 billion rubles, the newspaper noted.

As of Feb. 15, US$1 was equivalent to 56.58 Russian rubles.