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Russian lender Otkritie acquires 7.56% stake in Polymetal

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Russian lender Otkritie acquires 7.56% stake in Polymetal

Russia's Otkritie Financial Corp. Bank has acquired a 7.56% share in gold and silver miner Polymetal International Plc and has no plans to off-load its stake, the bank's managing director, Alexander Dmitriev, told Interfax on Oct. 3.

"For the bank this is a market investment in shares in a public company with a clear financial position, clear plans for development and an attractive dividend policy," said Dmitriev.

The market price of the stake in Polymetal is about US$361 million, based on the closing price on the London Stock Exchange, according to the report.

The Russian gold and silver miner said it welcomes new shareholders and hopes for long-term cooperation. In a separate statement, Polymetal noted that, following the Russian central bank's decision to take over management of the bank, Otkritie Holding no longer has any voting powers over shares in Polymetal.

In August, Otkritie bank was placed under temporary administration by Russia's central bank to save the lender from potential failure due to growing liquidity concerns.