The merger of the retail customer base of Otkritie Bank and VTB will begin in the fourth quarter of this year. In the first stage, the bank plans to transfer about 300,000 customers with credit products to full service. The main stage of retail business integration is scheduled for the second to third quarters of next year. This was announced in an interview with the Russia 24 TV channel by Anatoly Pechatnikov, Deputy Chairman of the VTB Bank Management Board.
The integration of Otkritie Bank's retail customers into VTB will take place in several stages. The first wave will begin in the fourth quarter of 2023, when VTB plans to attract 300,000 Otkritie customers with credit products for servicing. The transfer will be carried out on the terms of assignment of the loan portfolio – assignment of debt claims. All terms and conditions of loan repayment will remain unchanged after the migration.
The next stage of transferring retail customers from Otkritie to VTB is scheduled to begin in the first quarter of 2024. Individuals will be offered simple and convenient ways to switch to VTB, and VTB products will be sold in Otkritie offices. The main part of the migration for all types of products should occur in the second and third quarters of next year. In total, more than 3 million unique Otkritie customers will have to be merged as part of the integration.
In 2023, Otkritie's retail business retains its own business plan. The bank continues to attract new customers and increase its market share in all segments. At the end of the first half of 2023, the loan portfolio of individuals increased by 8% to 793 billion rubles. The number of private depositors who entrusted their savings to Otkritie Bank exceeded one million by July 1, and the volume of their funds increased by 4% to 1.2 trillion rubles.
«The integration of Otkritie Bank's business into VTB should be completed by 2025. Our task is to preserve all the best practices, services, competencies and products of Otkritie after the final merger with VTB. Therefore, several of the bank's offers will be added to our product line. We strive to ensure maximum smoothness of the merger process for all customers, so that this process is as seamless as possible for them. We plan to transfer the main part of Otkritie's regional branch network under the VTB brand from the second quarter of 2024, and this process will be fully completed by the beginning of 2025,» – said Anatoly Pechatnikov.
Earlier in March, VTB merged the ATM networks of VTB, Otkritie and another bank of the group – RNCB. Today, customers of all three credit institutions can withdraw and deposit cash without commission in a single ATM network, which exceeds 19.5 thousand devices.
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