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Report: Otkritie Holding mulls takeover of leasing company

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Report: Otkritie Holding mulls takeover of leasing company

Otkritie Holding JSC wants to take over Baltic Leasing, OJSC, with relevant documentation already filed by Otkritie for approval with the Russian Federal Antimonopoly Service, news agency RBK said Dec. 8.

Otkritie Holding previously owned 20% of Baltic Leasing, while the remaining 80% stake belongs to Moscow-based JSC Interservice, the news report noted.

With the planned takeover, Otkritie is trying to rebuild its financial assets after the Russian central bank took control of the holding's key unit, Otkritie Financial Corp. Bank, in August, RBK said. Russian media outlets reported earlier in December that Otkritie Holding's unit Otkritie Investments Cyprus Ltd. also purchased 9.77% of the class B shares of Qiwi plc.

The value of the Russian leasing market is set to exceed 1 trillion Russian rubles at the end of 2017, a 40% increase year over year, the news report noted. Baltic Leasing is Russia's 11th-biggest leasing company in terms of the size of the leasing portfolio, according to the newswire.

As of Dec. 8, US$1 was equivalent to 59.24 Russian rubles.