Otkritie Financial Corp. Bank will aim to sell a stake of between 15% and 20% in 2021 to an external investor, Reuters reported, citing CEO Mikhail Zadornov.
The bank, bailed out by the Russian central bank in August 2017, would like to sell the shares at a price equivalent to at least 1.3x the capital it will hold at the end of 2020, Zadornov added.
The Russian central bank's first deputy head and Otkritie's supervisory board chair, Ksenia Yudayeva, said Otkritie shares would be offered in a few blocks and that the bank was not looking for a strategic investor to purchase the shares.
Otkritie, which earned 5.4 billion Russian rubles in the first five months of 2018, will strive to post a net profit of 68 billion rubles in 2020, Zadornov also said during the presentation of the lender's new strategy. Yudayeva noted the bank plans to focus on lending to small and medium-sized businesses in the next few years.
Otkritie also said in its strategy presentation that it expects its return on equity to reach 18% in 2020, compared with 0% in 2018, the newswire noted.
As of June 8, US$1 was equivalent to 62.50 Russian rubles.
