As part of the purchase agreement, Otkritie also has plans to consolidate up to 100% of the shares in Nomos over the coming two years.
Nomos Bank minority shareholders will be issued a buy-out offer for their shares no later than the end of 2012, while the price in Rubles per share will be set based on the official exchange rate on the day the offer is announced and will be no less than $14 per GDR.
Upon successful integration of both banks, the consolidated assets of Otkritie will be more than RUB1 trillion, including RUB850bn ($26.32bn) in banking assets, while its clientele based will exceed 3 million individuals and 120,000 corporate entities, claims Otkritie.
According to the acquirer, the distribution of shares among major shareholders will be as follows: Vadim Belyaev and the Otkritie management team will get up to 25% of shares; stakes of up to 10% will be owned by companies affiliated with ICT Group shareholders, by VTB Group, by Boris Mints and by Alexander Mamut.
Commenting on the proposed acquisition of Nomos Bank, Otkritie Financial chief executive officer Vadim Belyaev said the scale of Nomos Bank’s business and the diversified structure of Otkritie Financial represents an ideal combination for building such a business model.
"Moreover, we believe that a financial business of this scale should be as independent as possible and have a diversified shareholder base," Belyaev added.
The deal will move into the final stage after obtaining the approval from regulators including Russia, the UK, the US and countries in the European Union.
