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Otkritie consolidates stake in VTB Bank

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Otkritie consolidates stake in VTB Bank

Otkritie Financial Corp. Bank increased its stake in VTB Bank PJSC, and now owns 14.83% voting shares of the state-controlled lender.

Prior to the transaction, which took place Jan. 3, Otkritie Bank had a 7.94% holding in VTB, owned directly and indirectly, Otkritie said Jan. 11.

The stake increase is a result of transfer of VTB Bank shares from B&N Bank, which recently merged with Otkritie, news agency Prime reported the same day, citing an Otkritie representative.