DIA Didn’t Receive Any Bids for Otkritie Stake, Kommersant Says

Russia’s Deposit Insurance Agency didn’t receive any bids for its 24.17 percent stake in Otkritie Bank, Kommersant reported, citing unidentified people close to the lender.

The state-backed DIA received a stake in Otkritie after it partnered with the lender to acquire RBR Commercial Bank in November 2008 and VEFK Bank in April 2009. Otkritie later consolidated its banking assets into a commercial bank. The DIA was willing to accept bids of 7.5 billion rubles ($236 million) for the stake, the report said.

To contact the reporter on this story: Jason Corcoran in Moscow at jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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