Press Service

The Central Bank of the Russian Federation (Bank of Russia)

Press Service

12 Neglinnaya Street, Moscow, 107016 Russia;

On amendments to plans of Bank of Russia participation in credit institution bankruptcy prevention measures

The Bank of Russia has approved amendments to the plans of its participation in bankruptcy prevention measures for Public Joint-stock Company Bank Otkritie Financial Corporation (Reg. No. 2209) (further referred to as PJSC Bank FC Otkritie), Public Joint-stock Company National Bank TRUST (Reg. No. 3279) (further referred to as NB Trust (PJSC), Public Joint-stock Company Rost Bank (Reg. No. 2888) (further referred to as JSC Rost Bank) and Public Joint-stock Company B&N Bank (Reg. No. 323) (further referred to PJSC B&N Bank), further collectively referred to as the Participation Plans.

The Participation Plan provides for the Bank of Russia to place a deposit with PJSC Bank FC Otkritie in the amount of 63.3 billion rubles for a period of five years to finance implementation of bank reorganisation measures consisting in the spin-off of JSC Bank Otkritie Special and its subsequent merger with NB Trust (PJSC).

It is also envisaged that the Bank of Russia will place deposits for a period of three to five years in the amount of 73.8 billion rubles with NB Trust (PJSC) and 37.1 billion rubles with JSC Rost Bank, to enable a purchase of non-core and inferior quality assets from PJSC B&N Bank, JSC NPF LUKOIL-Garant, Joint-stock Company NPF of Electric Power Industry, JSC NPF RGS and JSC IC Rosgosstrakh balance sheets. The assets being signed off to NB Trust (PJSC) balance sheet include claims to Otkritie Holding and O1 Group. The funds recovered in consequence of the management of these assets will be used to settle liabilities to the Bank of Russia.

The above measures, along with the merger of JSC Rost Bank with NB Trust (PJSC) will enable development of PJSC Bank FC Otkritie-controlled group as a financially stable entity and establish a separate NB Trust (PJSC)-based vehicle to manage non-core assets.

The contemplated actions are intended to result in PJSC Bank FC Otkritie operating in the ordinary course and settling all its liabilities to the Bank of Russia.

29 June 2018

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