The banking regulator acquired a stake in Otkritie after rescuing it in 2017. Credit: BIld av Olga Oginskaya från Pixabay.

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Russia’s central bank has completed the sale of bailed-out lender Otkritie Bank to VTB Bank in a deal valued at RUB340bn ($5.03bn).

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“VTB Bank has fulfilled its obligations to the Bank of Russia by paying for the shares of PJSC Bank FC Otkritie in full. In accordance with the concluded agreement on the sale of PJSC Bank FC Otkritie, 100% of the bank’s shares were transferred by the Bank of Russia to VTB Bank,” TASS quoted the Bank of Russia as saying. 

The deal, which was signed last week, comprised RUB233.12bn ($3.45bn) in cash and federal government bonds worth over RUB106.87bn ($1.57bn).

The banking regulator acquired a stake in Otkritie after rescuing the bank in 2017. Ever since the Bank of Russia had been trying to sell its stake in the bank.

According to the central bank, it invested RUB555bn ($8.22bn) in the bailout and expects to receive a RUB352bn ($5.21bn) refund after taking dividends into account, it said earlier. 

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UniCredit, an Italian banking major, had expressed interest in buying Otkritie in January 2022 but the plan got derailed due to the geopolitical tensions caused by the crisis in Ukraine.

Both VTB and Otkritie have been targeted by sanctions imposed by the US-led western alliance in response to the Russia’s invasion of Ukraine.

Earlier this month, the US Department of the Treasury Office of Foreign Assets Control (OFAC) sanctioned 17 subsidiaries of VTB and Rosbank.