Bank Otkritie for the first time since 2014 abandoned the apartment at SPIEF

Bank Otkritie, which hosted parties with famous musicians every SPIEF, abandoned this format in 2022. Shortly before that, he was sanctioned,after which the authorities decided to attach it to VTB

For the first time, Otkritie Bank will not hold a traditional party at the St. Petersburg International Economic Forum (SPIEF) for its participants. This was told to RBC by a source in the financial market, the information was confirmed by a representative of a credit institution.

Otkritie has hosted a musical house party at every SPIEF since 2014. The break was only taken in 2020, when the forum was not held due to the covid-19 pandemic , a bank spokesman said. The decision to cancel the apartment building in 2022 was made "on a combination of factors," he added.

Otkritie did not cancel its apartment house even after it came under the reorganization of the Bank of RUSSIA in the summer of 2017. Financial recovery was carried out through the Banking Sector Consolidation Fund (FCBS) controlled by the regulator. In 2021, the Mumiy Troll group performed at the Otkritie musical apartment, in 2019 - Bi-2, in 2018 - Chaif, in 2017 - DDT, in 2016 - Garik Sukachev and Sergey Galanin, in 2015 - Vyacheslav Butusov, in 2014 - Boris Grebenshchikov and the Aquarium group. The apartment building format was well received by the public, “who once participated in real apartment buildings in the first half of the 1980s,” Alexander Dmitriev, who was then vice president of the bank, told RBC in 2015.

Nabiullina explained the decision to merge Otkritie Bank and VTB Finance

In 2022, the organizers and participants of the forum are preparing for the SPIEF against the backdrop of a special military operation by the Russian Armed Forces in Ukraine. After it began, Western countries imposed large-scale sanctions against the largest Russian banks. Otkritie came under the toughest blocking US sanctions: it was included in the SDN list, which means blocking DOLLAR assets and bank property, restrictions were also introduced by the European Union and CANADA. Later , the United States imposed personal sanctions on the HEAD of the "Discovery" Mikhail Zadornov.

Due to the imposition of sanctions, the Central Bank was unable to sell Otkritie, although it planned to do so after the completion of the reorganization. Instead, it was decided to join the bank to VTB, which also fell under US blocking sanctions. In the foreseeable future, the Bank of Russia does not see an opportunity to sell Otkritie to the market, said Elvira Nabiullina, head of the regulator. Accession of "Discovery" to VTB should be completed this year, said Deputy Finance Minister Alexei Moiseev.

The Central Bank prematurely changed the composition of the Supervisory Board of Otkritie Bank

Read on RBC Pro Pro Two cases,how to retain employees with stay-interviews Pro cases Be like us:why Coca-Cola changed its name in CHINA to Ke Kou Ke Le5 tips Instructions Pro How not to make a mistake,creating your own brand Articles ProPro How have the conditions for buying a residence permit abroad changed due to sanctions:Overview Articles Pro What assets will benefit and lose from the strengthening of the ruble Articles Pro x The EconomistWhy English-speaking countries suffer more from inflation - The Economist Research

Sberbank also refused to hold the traditional evening reception at SPIEF in 2022, a source close to the bank told RBC. RBC sent a request to Sberbank. The largest bank in the country is also under sanctions from Western countries, including on the US SDN list. Two more employees of companies that are traditional organizers of SPIEF parties said that no decisions have been made yet.

The St. Petersburg International Economic Forum will take place on June 15-18. This year the forum is held for the 25th time. Over 13,500 participants from 141 countries visited SPIEF last year.