Bank Otkritie Financial Corp

Bank Otkritie Financial Corporation (Otkritie FC Bank) traces its origins to 1992 when it was registered as TIPCO Venture Bank. The institution underwent several name changes, becoming Novaya Moskva in 1994 and later NOMOS-Bank in 2007. A significant shift occurred in 2012 when Otkritie Financial Corporation initiated a takeover of NOMOS-Bank, a process that led to the formation of one of Russia's largest private banking groups. By 2014, NOMOS-Bank was rebranded as Otkritie Financial Corporation Bank, and the parent company, Otkritie Financial Corporation, was renamed Otkritie Holding. The founder of the Otkritie group is Vadim Belyaev, who started the business in the early 1990s and established VEO-Invest in 1995. In 2004, Boris Mints joined as a partner, and they created the Investment Group Otkritie.

Operating as a full-service universal commercial bank, Otkritie FC Bank serves a wide range of clients, including retail, corporate, small and medium-sized enterprises (SMEs), and private banking customers. Its business model focuses on providing a comprehensive suite of financial products, from traditional banking services to investment banking, insurance, and pension plans. The bank's revenue streams are diversified across these key business areas. Before its acquisition, the bank operated through an extensive network of over 440 offices across Russia. The bank's offerings included online currency conversion services for corporate clients.

A pivotal moment in the bank's history came in August 2017, when it was bailed out by the Central Bank of Russia (CBR) following a significant outflow of liquidity. This marked the first time a systemically important Russian bank required such a rescue. The CBR became the bank's main investor, injecting capital to ensure its financial stability. Subsequently, in December 2022, the Central Bank sold its entire stake in Otkritie to VTB Bank, Russia's second-largest lender, for a total of RUB 340 billion. Following the acquisition, VTB began integrating Otkritie's business and office network, a process that concluded with Otkritie Bank ceasing separate operations on January 1, 2025, after being fully absorbed by VTB.

Keywords: Otkritie FC Bank, NOMOS-Bank, Russian banking sector, corporate banking, retail banking, investment banking, SME banking, VTB Group, Central Bank of Russia, financial services, bank acquisition, bank bailout, Moscow, financial restructuring, universal bank, private banking, Otkritie Holding, Vadim Belyaev, Boris Mints