September 6, 2017 / 6:05 PM / 10 months ago

Russian investment firm Rossium says it will buy Otkritie Capital

MOSCOW, Sept 6 (Reuters) - Russian investment company Rossium said on Wednesday it planned to buy Otkritie Capital, investment banking arm of the troubled lender which has been rescued by Russia’s central bank.

Rossium said in a statement it has decided to increase its registered capital by 26 billion roubles ($453 million), to be spent mainly on buying Otkritie Capital Ltd.

Rossium, which also owns a 57 percent stake in another major lender, Credit Bank of Moscow, said the acquisition would help to boost its competitive position and expand the line of products it offers.

Rossium said that the deal to buy Otkritie Capital, which has offices in Moscow, London and New York, will be closed after acquiring all the necessary approvals.

Otkritie Group did not immediately respond to a request for comment. ($1 = 57.3660 roubles) (Reporting by Andrey Ostroukh and Anton Kolodyazhnyy; Editing by Greg Mahlich)

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