FC “Otkritie” Bank has completed the legal merger of RGS Bank; the development of the group’s car business will continue under the Otkritie Auto brand, Otkritie said in a statement.

The transformation of the branch networks of the two credit organizations has already been completed: the classic network of RGS Bank branches has been merged into the Otkritie network, while the network of RGS Bank’s remote sales points in car dealerships (more than 700) will continue to operate in the same format under the Otkritie brand. The banks’ information systems will be fully merged by the end of 2022.

All obligations and claims under previously concluded client contracts with RGS Bank remain valid. The agreements will continue to be in full force and effect on the terms and conditions set out in them and will not require renegotiation.

“The auto business will remain one of the key business areas of Otkritie Bank Group. The auto business team will not only retain the leading positions in the car lending market, but also strengthen them, increase the client portfolio of car dealers and car manufacturers and scale the digital business,” said Otkritie’s head Mikhail Zadornov, whose words are quoted in the report.

The direction of auto business will be headed by Marina Dembitskaya, who previously served as a member of the board, director of retail business development of RGS Bank.

“Otkritie” at the end of 2021 ranked 8th place in the ranking “Interfax-100” with assets of 3.2 trillion rubles, RGS Bank – 42nd place with assets of 152.3 billion rubles.