Otkritie to buy Bank Petrocommerce

Otkritie Financial Corporation is acquiring Bank Petrocommerce while IFD Kapital Group is to become a shareholder of Otkritie Financial Corporation. It is the second merger announcement for Otkritie in recent years — the bank is already in the process of joining with Nomos Bank, for which Nomos completed a Rb19bn ($600m) capital raise last Thursday.