Czech private equity firm PPF Group has sold its 26.53 per cent holding in Russian private banking group Nomos Bank to Otkritie Financial Corporation, Alexander Mamut and Oleg Malis.

Nomos is the eighth-largest banking group in Russia by total assets and the country's second-largest privately owned global bank. Consolidated assets under IFRS were RUB670.3bn (€17.1bn) as of end-March 2012 and capital was RUB80bn.

According to reports, the sale by PPF could signal tentative steps towards a merger between Nomus and Otkritie Bank. However, commenting on the deal, Nomos's president Dmitry Sokolov said: “The bank's strategy remains the same: we will continue to develop our position as a universal bank with a broad regional presence focusing on our key areas, including Moscow and Moscow Region, St Petersburg, Tyumen (including Khanty-Mansi Autonomous Area), Novosibirsk Oblast and Khabarovsk Krai. 

"We will remain focused on building our three key client segments: corporate clients, small businesses and individuals and delivering a best-practice service and product offering.”