[13] The lending institution was registered as TIPCO Venture Bank (Russian: ТИПКО Венчур Банк) in 1992.

[18] Otkritie allegedly became Russia's largest private bank in late 2014 by buying 625 billion rubles in bonds from the state oil company Rosneft, using them as collateral to obtain reverse repo loans from the Central Bank of Russia, then passing on the dollars it received to Rosneft, which is not allowed access to international capital markets due to international sanctions.

[16] As repo funding had a 2.5% interest rate and the bond had a 7.5% coupon, Otkritie made billions from the trade.

As the financial group's press service reported, the merged bank would hold total assets of Rub 3.1 tln.

The stake in VTB was spread between Otkritie's various subsidiaries, to avoid reaching the 5% threshold for mandatory holdings disclosure.

[31] An earlier report in February 2019 had stated that the banks were alleged to have sustained "losses from purchasing large amounts of O1 and Otkritie Holding assets".

[32] In June 2018, Russia petitioned the UK court to freeze £470 million of Mints' assets, including a mansion in Perthshire, Scotland, known as the Tower of Lethendy.

According to the FT report, "Mr Mints and his sons deny committing fraud and are contesting the allegations in arbitration proceedings scheduled to be heard next April in London".

[34][35] On 24 February 2022 the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Otkritie FC Bank under E.O.