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Otkritie completes rescue procedure with new board appointments

New boards were elected at Otkritie Financial Corp. Bank to take over its management from the central bank's temporary administration following the completion of a financial rehabilitation procedure launched for the lender by the regulator.

Bank VTB 24's President Mikhail Zadornov was named chairman of Otkritie's new management board effective Jan. 1, 2018, and the central bank's first deputy head, Ksenia Yudaeva, was appointed chair of the supervisory board.

The lender also said Dec. 22 that its capital has been increased to the level needed to meet the Jan. 1, 2018, requirements for systemically important lenders, with the financial recovery process completed within three-and-a-half months, compared with the originally expected period of six to eight months.

Under the new management, Otkritie intends to resume operations on corporate and retail banking markets and prepare a new business plan, operational models and a strategy for managing noncore assets and client relationships, it said.

The Russian central bank launched a bailout procedure for the lender at the end of August, with the process including the write-off of the bank's subordinated debt and a 456.2 billion Russian ruble recapitalization of Otkritie and its units via the regulator's banking sector consolidation fund.

As of Dec. 21, US$1 was equivalent to 58.55 Russian rubles.