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

Aug. 14 (Bloomberg) -- 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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