Russian investment bank acquires ABC Clearing Ltd in UK

Otkritie, a leading investment bank headquartered in Moscow, is pleased to announce the acquisition of a 100% interest in ABC Clearing Limited (’ABC’) from Compagnie Financiere Tradition.

The terms and deal value are not disclosed by mutual agreement of both parties. The acquisition of ABC was carried out as part of Otkritie's strategy to extend the servicing of its international institutional investors on the Russian securities market and provide Russian investors with access to the world’s largest stock exchanges.

ABC, which is currently based in Colchester, Essex is one of the leading UK clearing companies and is authorised and regulated by the Financial Services Authority. On 19 March 2007, the FSA granted ABC permission to extend its clearing activities to dealing operations (as Agent and Principal) and to provide asset management and investment advisory services on all principal types of security.

The company has also applied to become a member of the London Stock Exchange enabling it to offer full brokerage services to the international community. The management team of ABC, headed by Mike Manthorpe, will be retained within the enlarged Group.

Commenting on the acquisition, Andrey Babenko, Managing Director of Otkritie said: “ABC Clearing has an excellent reputation. We are delighted that this deal will offer Otkritie's institutional clients with high quality services on the Russian securities market.

"We will maintain ABC’s clearing business and supplement it with a range of new services and products available to Otkritie.”