Company attributes
Other attributes
In its present form, the bank was formed by Otkritie Holding Financial Group as a result of the integration of more than 10 banks on the basis of Nomos Bank (the largest bank within the holding from 2012 to 2017), including Khanty-Mansiysk Bank ("HMB Otkritie"), Petrocommerce Bank, Novosibirsk Municipal Bank, Sverdlovsk Governorate Bank, Otkritie Investment Bank (Otkritie IA), Russian Development Bank and others. Phased integration was carried out in the 2000s - 2010s, as a result, FCO Bank became the largest private bank in Russia. In 2017, the bank came under the control of the Central Bank of the Russian Federation. Binbank and partially the assets of Trust Bank, Absolut Bank and Rosgosstrakh Bank were also merged into BFKO.
The lending institution, now known as Otkritie Financial Corporation and BFKO Bank, was registered on December 15, 1992 as TIPCO Venture Bank, which was later renamed into Nova Moskva, Nomos Bank, and finally Bank FKO.
Current operations
It is a universal bank, which develops different lines of business: corporate, investment, retail, SME and Private Banking. It is included in the list of systemically important credit institutions approved by the Central Bank of the Russian Federation. According to Banki.ru, as of March 1, 2019, the bank's net assets - 2,157.39 billion rubles (8th place in Russia), capital (calculated in accordance with the requirements of the Central Bank of Russia) - 320.89 billion, loan portfolio - 851.95 billion, liabilities to the population - 824.12 billion[9].
The client base of the merged bank has over 7,300 large corporate clients, 180,000 small business clients and about 2.7 million retail clients, including premium customers. More than 745 bank branches of various formats are located in 69 economically important regions of Russia. Otkritie Bank has been operating on the financial market since 1993, and is developing the following business lines: corporate, investment, retail, small and medium-sized business, as well as private banking. The Bank of Russia is the shareholder of Otkritie Bank with 99.99% stake.
FCO
In May 2017, S&P downgraded Otkritie Financial Corporation from BB- to B+. Among the reasons stated: "In addition, we take into account the bank's "moderate" capitalization performance, as determined by the risk-adjusted capital (RAC) ratio, which stood at 6.5% as of the end of 2016. We also note a higher volume of problem loans than other large Russian banks, their slower recovery and lower reserve coverage, as well as insufficient collateral on some large loans to construction companies.
In July 2017, the rating agency ACRA assigned FC Otkritie an extremely low rating of BBB-, which will prevent the bank from raising funds from the federal budget and NPF. In addition, its new securities are not on the Lombard list of the Central Bank.
In May 2018, ACRA upgraded the credit rating of PJSC Bank FC Otkritie to A+(RU), outlook Stable. In February 2019, Moody's upgraded its long-term senior unsecured debt and deposit ratings in foreign and local currency to "Ba2" from "B1". Also in April 2019, Expert RA agency upgraded the creditworthiness rating of FC Otkritie Bank to "ruAA-". The rating has a "stable" outlook. In May 2019, the Analytical Credit Rating Agency (ACRA) upgraded the credit rating of Otkritie Bank to "AA-(RU)", outlook - "stable".
