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Otkritie Bank takes over Baltic Leasing, completes merger with B&N Bank

Otkritie Financial Corp. Bank closed a deal to acquire a 100% stake in Baltic Leasing OJSC, the Russian lender said Jan. 9 without providing details of the transaction.

Baltic Leasing is one of top 10 leasing companies in Russia, with the value of its portfolio amounting to 50 billion Russian rubles, with services provided to more than 15,000 clients across the country. The company was earlier controlled by Otkritie Holding JSC, which also owned Otkritie Bank before the lender's bailout in August 2017.

Otkritie Bank also said in a separate, same-day filing that it completed its merger with B&N Bank, also bailed out by the Russian central bank in 2017.
The merged lender plans to increase its profit to 68 billion Russian rubles and open new branches in four Russian regions by 2020, Otkritie noted.

As of Jan. 8, US$1 was equivalent to 66.90 Russian rubles.