Russian Bank Otkritie Sells Stake in RCB
21:58 - 25 Αυγούστου 2017

Russian bank Otkritie has sold its 19.8% stake in Cyprus-based Russian Commercial Bank and will use the proceeds to fund the development of its retail business in Russia, Otkritie has announced.
Otkritie said its acquisition of the RCB had been a portfolio investment and it had exited with a substantial profit. It did not disclose the financial details of the deal.
The Board of Directors of RCB Bank noted that the change in the shareholding structure reflects the strategic objectives of the Bank to continue its successful business development with the focus on Cypriot and European markets.
Otkritie bought the stake in RCB in 2014 through a $124 million additional share issue. Russian state-controlled lender VTB owns a 46.3-percent in the Cypriot bank.
