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Otkritie FC Bank

April 09, 2024

For the parent company of the bank, see Otkritie Holding.

PJSC "Bank Otkritie Financial Corporation"[6] or Otkritie FC Bank (Russian: Банк «ФК Открытие», translates as opening or discovery) is one of Russia's largest full-service commercial banks.[7] It has more than 440 offices of different formats in Russia.[8] It was co-founded by Igor Finogenov, now CEO of the Eurasian Development Bank.[9]

Bank Otkritie Financial Corporation
Otkritie FC Bank office in Perm
Native name
ПАО Банк «Финансовая Корпорация Открытие» (Банк «ФК Открытие»)
FormerlyNOMOS-Bank
Company typePublic Joint-Stock Company
LSE: OFCB, MCX: OFCB
IndustryBanking
FoundedDecember 15, 1992; 31 years ago (1992-12-15)[1]
Headquarters
Moscow
,
Russia
Key people
Mikhail Alekseev (CEO)[2]
ServicesFinancial services
Revenue$3.76 billion[3] (2017)
$758 million[4] (2016)
$22.4 million[4] (2016)
Total assets$40.3 billion[4] (2016)
Total equity$3.46 billion[4] (2016)
OwnerVTB Bank
RatingBa3 (Moody's), BB− (S&P) (2017)[5]
Websiteopen.ru

Otkritie Bank ranked 1st among privately owned banks and 4th by assets among banking groups in Russia.[10] In August 2017, Otkritie was bailed out by the Central Bank of Russia,[11] at a cost to the state of over $8 billion.[12] The central bank later described Otkritie's capital as "largely fictitious".[13]

History edit

 
Nomos bank office in Moscow
 
Nomos bank office in Perm

The lending institution was registered as TIPCO Venture Bank (Russian: ТИПКО Венчур Банк) in 1992. The bank was renamed in 1994 as joint stock investment commercial bank Novaya Moskva (Russian: Новая Москва, Russian for New Moscow), and Nomos-Bank (Russian: Номос-Банк) in 2007. ICT Group (Alexander Nesis is a co-owner) gathered a controlling stake in the bank in May 2006.[14]

Otkritie Holding edit

In 2012 Otkritie took over NOMOS-Bank,[15] using a $1bn loan from VTB Bank.[16]

In 2014 NOMOS-Bank was renamed to Otkritie Financial Corporation Bank.[17]

In 2014 the Bank of Russia picked Bank FC Otkritie to rescue National Bank Trust.[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.[16]

In 2015, all in all, Otkritie Holding's banks lay claims to get a big share of government aid among all private banks (Rub 65.2 bln or 7.8% of the government program).[19]

Acquisitions edit

Further information: Otkritie Holding

In 2016, Financial group has completed the legal takeover of Khanty-Mansiysk Otkritie Bank by Otkritie FC Bank. As the financial group's press service reported, the merged bank would hold total assets of Rub 3.1 tln.[19]

In December 2016 Otkritie Group and Rosgosstrakh Group (the Russia's largest insurance company) agreed to merge.[20]

Outflow of liquidity edit

Otkritie experienced a significant outflow of liquidity in July 2017, after it was assigned a BBB− rating by ACRA.[21] According to the Financial Times, senior managers of Otkritie have removed their personal funds from the bank.[22] By late August Oktrikie shares had fallen to a 20-month low.[23]

On 29 August 2017 the Central Bank of Russia announced it would take over administration of Otkritie.[24][25]

In August 2021, the Central Bank of Russia announced the launch of preparations for the sale of Otkritie FC Bank, as well as the dates for accepting applications from potential shareholders from 11 to 22 October of the same year. The regulator is studying options to sell Otkritie FC Bank shares through organized listing and alternate ways for selling its shares to a strategic investor.[26]

Links to VTB Bank edit

The state-owned VTB Bank had a 10% stake in Otkritie's parent company, later written off after the 2017 bailout.[13] In 2018, it was revealed that Otkritie had amassed an undisclosed 20% stake in VTB Bank, making it the bank's largest shareholder after the Russian government.[13] Otkritie's rapid rise had been aided by cheap loans from VTB.[13]

The purchase of VTB stock costed Otkritie tens of billions of rubles, but helped boost VTB's stock price, which had lagged behind its domestic competitors. The stake in VTB was spread between Otkritie's various subsidiaries, to avoid reaching the 5% threshold for mandatory holdings disclosure.[13]

In December 2022, the Bank of Russia withdrew from the capital of Otkritie Bank, 100% of the shares were transferred to VTB.[27]

Ownership edit

Before the bailout, owners included the Czech PPF Group (29.9%)[28] owned by Petr Kellner, the Slovak businessman Roman Korbačka (20%),[29] and the Russian ICT Group (50.1%) of which Alexander Nesis is President.[30]

Lawsuit edit

Although Boris Mints, co-founder of the bank, had sold his shares in the bank in 2013, he allegedly still had a relationship with Otkritie. In a lawsuit in the High court of the UK, the central bank alleged that Mints' company, O1, had sold bonds to the banks as a "fraudulent scheme" to pay off its debt just days before the collapse, according to a Financial Times report.[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. The court agreed only to an injunction prohibiting Minsk and his three sons from disposing of assets, including the mansion. The Tower of Lethendy is only one of 140 of Mints' properties that the banks were attempting to confiscate. Ownership documents indicate that the mansion is owned by MFT Braveheart Ltd,[33] a company registered in the Cayman Islands. 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]

Sanctions edit

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. 14024 for being owned or controlled by, or for having acted or purported to act for or on behalf of, directly or indirectly, the GoR, and for operating or having operated in the financial services sector of the Russian Federation economy. Subsidiary companies were also sanctioned.[36] The UK first imposed an asset freeze sanction on 28 March 2022, increased in March 2023 to include trust services and in December 2023 increased them again to include a prohibition on correspondent banking relationships.[37]

Management Board edit

Mikhail Alekseyev has been the Board's Chairman since January 1, 2023.

Currency exchange edit

In 2014, the bank offered a service called Client Bank, an online currency conversion service. Corporate customers can use Client Bank to exchange currency online.[38]

On October 21, 2013, NOMOS-BANK has been admitted to trading on the Moscow Exchange.[39]

References edit

  1. ^ "Справочник по кредитным организациям - Банк России". www.cbr.ru.
  2. ^ "Zadornov to leave Otkritie Bank on Jan 1, former UniCredit head Alekseyev to be nominated as new CEO". interfax.com. 2022-12-22.
  3. ^ . Expert RA. Archived from the original on 28 October 2018. Retrieved 28 October 2018.
  4. ^ a b c d Error: Unable to display the reference properly. See the documentation for details.
  5. ^ "Рейтинг банков - 2017 (таблица)". Forbes.ru. 23 March 2017. from the original on 23 May 2017. Retrieved 1 May 2017.
  6. ^ "Bank Otkritie". www.open.ru.
  7. ^ "Bank Otkritie".
  8. ^ https://www.open.ru/en/about[permanent dead link]
  9. ^ "Игорь Финогенов: "Я продолжаю быть банкиром"". from the original on 2008-06-24. Retrieved 2008-08-25. (in Russian)
  10. ^ "Based on Interfax – CEA ranking in accordance with RAS financial statements as of March 31, 2016". from the original on 8 November 2016. Retrieved 8 November 2016. {{cite journal}}: Cite journal requires |journal= (help)
  11. ^ "Russia, in one of biggest bailouts in its history, rescues Otkritie bank". CNBC. 30 August 2017. Retrieved 30 September 2018.
  12. ^ Voronova, Tatiana. "Russia's Otkritie Bank calls for more central bank backing". Reuters. Retrieved 30 September 2018.
  13. ^ a b c d e Seddon, Max. "The secret VTB stake that helped lead to Otkritie's downfall". Financial Times. Retrieved 30 September 2018.
  14. ^ "Bank Otkritie Financial Corporation - Банки.ру". www.banki.ru.
  15. ^ "Otkritie Formalizes Nomos-Bank Take Over". Moscow Times. from the original on 4 March 2016. Retrieved 6 April 2017.
  16. ^ a b c "Russia: Inside the private bank backed by the state". FT. from the original on 5 March 2017. Retrieved 6 April 2017.
  17. ^ Otkritie has launched an updated brand platform and renamed two entities in the Group 2014-07-14 at the Wayback Machine
  18. ^ "CBR picks Bank FC Otkritie to rescue National Bank Trust". Банки.ру.
  19. ^ a b "Petrocommerce-Bank FC Otkritie merger put on hold 'cause of risk to lose Rub 9.6 bln of government aid". Банки.ру.
  20. ^ "Otkritie FC Bank looking to pick up Rosgosstrakh Bank assets". Банки.ру.
  21. ^ "Russian bank Otkritie significantly reduces its holding of Russia 2030 Eurobonds". IntelliNews. from the original on 18 August 2017. Retrieved 20 August 2017.
  22. ^ "Otkritie sells stake in Cypriot bank RCB". Ft.com. Retrieved 26 August 2017.
  23. ^ "Shares in Russian bank Otkritie sink to 20-month low". Reuters. Retrieved 29 August 2017.
  24. ^ "О мерах по повышению финансовой устойчивости ПАО Банк "Финансовая Корпорация Открытие"". Банк России. Retrieved 29 August 2017.
  25. ^ "Russian central bank steps in to rescue Otkritie". Financial Times. Retrieved 29 August 2017.
  26. ^ "The Central Bank of Russia launched selling Otrkitie FC Bank". reuters.com. 2021-08-03.
  27. ^ "VTB becomes owner of Otkritie bank — regulator". tass.com. 2022-12-27.
  28. ^ "Russia Finance Corporation to buy 29.923% of NOMOS-BANK additional issue shares". from the original on 2009-01-05. Retrieved 2008-08-26.
  29. ^ "空調服のフィルターを自作する方法／空調服メーカー". from the original on 2009-01-05. Retrieved 2008-08-26. - rounded up to 1 d.p.
  30. ^ [1] 2011-10-04 at the Wayback Machine
  31. ^ "High Court bars Otkritie co-founder from disposing of assets". Financial Times. 2019-07-12. Retrieved 2023-04-06.
  32. ^ "Russia opens criminal proceedings against former Otkritie boss". Financial Times. 2019-02-05. Retrieved 2023-04-06.
  33. ^ ieyenews (2018-02-22). "Cayman Islands firm gets to work on 'Taylor Swift' castle". IEyeNews. Retrieved 2023-04-06.
  34. ^ Midolo, Emanuele. "The Scottish Castle At The Center Of A $700 Million Legal Battle Between The Kremlin And A Russian Tycoon". Forbes. Retrieved 2023-04-06.
  35. ^ "Perthshire country house amidst Russian High Court battle". Scottish Financial News. Retrieved 2023-04-06.
  36. ^ "U.S. Treasury Announces Unprecedented & Expansive Sanctions Against Russia, Imposing Swift and Severe Economic Costs". 24 February 2022.
  37. ^ "Financial Sanctions Notice 15/12/2023" (PDF). 15 December 2023.
  38. ^ Guthrie, Sam. "Nomos Bank launches real-time currency conversion system". Yekaterinburg News. 2/10/2014. Retrieved 2/10/2014.
  39. ^ Waits, Douglas (September 17, 2013). . Cistran Finance. Archived from the original on 29 October 2013. Retrieved 25 October 2013.

External links edit

  • Official website
  • Financial information

April 09, 2024
otkritie, bank, parent, company, bank, otkritie, holding, help, expand, this, article, with, text, translated, from, corresponding, article, russian, november, 2019, click, show, important, translation, instructions, view, machine, translated, version, russian. For the parent company of the bank see Otkritie Holding You can help expand this article with text translated from the corresponding article in Russian November 2019 Click show for important translation instructions View a machine translated version of the Russian article Machine translation like DeepL or Google Translate is a useful starting point for translations but translators must revise errors as necessary and confirm that the translation is accurate rather than simply copy pasting machine translated text into the English Wikipedia Consider adding a topic to this template there are already 1 189 articles in the main category and specifying topic will aid in categorization Do not translate text that appears unreliable or low quality If possible verify the text with references provided in the foreign language article You must provide copyright attribution in the edit summary accompanying your translation by providing an interlanguage link to the source of your translation A model attribution edit summary is Content in this edit is translated from the existing Russian Wikipedia article at ru Bank Finansovaya korporaciya Otkrytie see its history for attribution You should also add the template Translated ru Bank Finansovaya korporaciya Otkrytie to the talk page For more guidance see Wikipedia Translation PJSC Bank Otkritie Financial Corporation 6 or Otkritie FC Bank Russian Bank FK Otkrytie translates as opening or discovery is one of Russia s largest full service commercial banks 7 It has more than 440 offices of different formats in Russia 8 It was co founded by Igor Finogenov now CEO of the Eurasian Development Bank 9 Bank Otkritie Financial CorporationOtkritie FC Bank office in PermNative namePAO Bank Finansovaya Korporaciya Otkrytie Bank FK Otkrytie FormerlyNOMOS BankCompany typePublic Joint Stock CompanyTraded asLSE OFCB MCX OFCBIndustryBankingFoundedDecember 15 1992 31 years ago 1992 12 15 1 HeadquartersMoscow RussiaKey peopleMikhail Alekseev CEO 2 ServicesFinancial servicesRevenue 3 76 billion 3 2017 Operating income 758 million 4 2016 Net income 22 4 million 4 2016 Total assets 40 3 billion 4 2016 Total equity 3 46 billion 4 2016 OwnerVTB BankRatingBa3 Moody s BB S amp P 2017 5 Websiteopen ruOtkritie Bank ranked 1st among privately owned banks and 4th by assets among banking groups in Russia 10 In August 2017 Otkritie was bailed out by the Central Bank of Russia 11 at a cost to the state of over 8 billion 12 The central bank later described Otkritie s capital as largely fictitious 13 Contents 1 History 1 1 Otkritie Holding 1 2 Acquisitions 1 3 Outflow of liquidity 2 Links to VTB Bank 3 Ownership 3 1 Lawsuit 4 Sanctions 5 Management Board 6 Currency exchange 7 References 8 External linksHistory edit nbsp Nomos bank office in Moscow nbsp Nomos bank office in PermThe lending institution was registered as TIPCO Venture Bank Russian TIPKO Venchur Bank in 1992 The bank was renamed in 1994 as joint stock investment commercial bank Novaya Moskva Russian Novaya Moskva Russian for New Moscow and Nomos Bank Russian Nomos Bank in 2007 ICT Group Alexander Nesis is a co owner gathered a controlling stake in the bank in May 2006 14 Otkritie Holding edit In 2012 Otkritie took over NOMOS Bank 15 using a 1bn loan from VTB Bank 16 In 2014 NOMOS Bank was renamed to Otkritie Financial Corporation Bank 17 In 2014 the Bank of Russia picked Bank FC Otkritie to rescue National Bank Trust 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 16 In 2015 all in all Otkritie Holding s banks lay claims to get a big share of government aid among all private banks Rub 65 2 bln or 7 8 of the government program 19 Acquisitions edit Further information Otkritie Holding In 2016 Financial group has completed the legal takeover of Khanty Mansiysk Otkritie Bank by Otkritie FC Bank As the financial group s press service reported the merged bank would hold total assets of Rub 3 1 tln 19 In December 2016 Otkritie Group and Rosgosstrakh Group the Russia s largest insurance company agreed to merge 20 Outflow of liquidity edit Otkritie experienced a significant outflow of liquidity in July 2017 after it was assigned a BBB rating by ACRA 21 According to the Financial Times senior managers of Otkritie have removed their personal funds from the bank 22 By late August Oktrikie shares had fallen to a 20 month low 23 On 29 August 2017 the Central Bank of Russia announced it would take over administration of Otkritie 24 25 In August 2021 the Central Bank of Russia announced the launch of preparations for the sale of Otkritie FC Bank as well as the dates for accepting applications from potential shareholders from 11 to 22 October of the same year The regulator is studying options to sell Otkritie FC Bank shares through organized listing and alternate ways for selling its shares to a strategic investor 26 Links to VTB Bank editThe state owned VTB Bank had a 10 stake in Otkritie s parent company later written off after the 2017 bailout 13 In 2018 it was revealed that Otkritie had amassed an undisclosed 20 stake in VTB Bank making it the bank s largest shareholder after the Russian government 13 Otkritie s rapid rise had been aided by cheap loans from VTB 13 The purchase of VTB stock costed Otkritie tens of billions of rubles but helped boost VTB s stock price which had lagged behind its domestic competitors The stake in VTB was spread between Otkritie s various subsidiaries to avoid reaching the 5 threshold for mandatory holdings disclosure 13 In December 2022 the Bank of Russia withdrew from the capital of Otkritie Bank 100 of the shares were transferred to VTB 27 Ownership editBank of Russia 99 00 as of December 2017 Before the bailout owners included the Czech PPF Group 29 9 28 owned by Petr Kellner the Slovak businessman Roman Korbacka 20 29 and the Russian ICT Group 50 1 of which Alexander Nesis is President 30 Lawsuit edit Although Boris Mints co founder of the bank had sold his shares in the bank in 2013 he allegedly still had a relationship with Otkritie In a lawsuit in the High court of the UK the central bank alleged that Mints company O1 had sold bonds to the banks as a fraudulent scheme to pay off its debt just days before the collapse according to a Financial Times report 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 The court agreed only to an injunction prohibiting Minsk and his three sons from disposing of assets including the mansion The Tower of Lethendy is only one of 140 of Mints properties that the banks were attempting to confiscate Ownership documents indicate that the mansion is owned by MFT Braveheart Ltd 33 a company registered in the Cayman Islands 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 Sanctions editOn 24 February 2022 the U S Department of the Treasury s Office of Foreign Assets Control OFAC sanctioned Otkritie FC Bank under E O 14024 for being owned or controlled by or for having acted or purported to act for or on behalf of directly or indirectly the GoR and for operating or having operated in the financial services sector of the Russian Federation economy Subsidiary companies were also sanctioned 36 The UK first imposed an asset freeze sanction on 28 March 2022 increased in March 2023 to include trust services and in December 2023 increased them again to include a prohibition on correspondent banking relationships 37 Management Board editMikhail Alekseyev has been the Board s Chairman since January 1 2023 Currency exchange editIn 2014 the bank offered a service called Client Bank an online currency conversion service Corporate customers can use Client Bank to exchange currency online 38 On October 21 2013 NOMOS BANK has been admitted to trading on the Moscow Exchange 39 References edit Spravochnik po kreditnym organizaciyam Bank Rossii www cbr ru Zadornov to leave Otkritie Bank on Jan 1 former UniCredit head Alekseyev to be nominated as new CEO interfax com 2022 12 22 Rejting krupnejshih kompanij Rossii po obemu realizacii produkcii Expert RA Archived from the original on 28 October 2018 Retrieved 28 October 2018 a b c d Error Unable to display the reference properly See the documentation for details Rejting bankov 2017 tablica Forbes ru 23 March 2017 Archived from the original on 23 May 2017 Retrieved 1 May 2017 Bank Otkritie www open ru Bank Otkritie https www open ru en about permanent dead link Igor Finogenov Ya prodolzhayu byt bankirom Archived from the original on 2008 06 24 Retrieved 2008 08 25 in Russian Based on Interfax CEA ranking in accordance with RAS financial statements as of March 31 2016 Archived from the original on 8 November 2016 Retrieved 8 November 2016 a href Template Cite journal html title Template Cite journal cite journal a Cite journal requires journal help Russia in one of biggest bailouts in its history rescues Otkritie bank CNBC 30 August 2017 Retrieved 30 September 2018 Voronova Tatiana Russia s Otkritie Bank calls for more central bank backing Reuters Retrieved 30 September 2018 a b c d e Seddon Max The secret VTB stake that helped lead to Otkritie s downfall Financial Times Retrieved 30 September 2018 Bank Otkritie Financial Corporation Banki ru www banki ru Otkritie Formalizes Nomos Bank Take Over Moscow Times Archived from the original on 4 March 2016 Retrieved 6 April 2017 a b c Russia Inside the private bank backed by the state FT Archived from the original on 5 March 2017 Retrieved 6 April 2017 Otkritie has launched an updated brand platform and renamed two entities in the Group Archived 2014 07 14 at the Wayback Machine CBR picks Bank FC Otkritie to rescue National Bank Trust Banki ru a b Petrocommerce Bank FC Otkritie merger put on hold cause of risk to lose Rub 9 6 bln of government aid Banki ru Otkritie FC Bank looking to pick up Rosgosstrakh Bank assets Banki ru Russian bank Otkritie significantly reduces its holding of Russia 2030 Eurobonds IntelliNews Archived from the original on 18 August 2017 Retrieved 20 August 2017 Otkritie sells stake in Cypriot bank RCB Ft com Retrieved 26 August 2017 Shares in Russian bank Otkritie sink to 20 month low Reuters Retrieved 29 August 2017 O merah po povysheniyu finansovoj ustojchivosti PAO Bank Finansovaya Korporaciya Otkrytie Bank Rossii Retrieved 29 August 2017 Russian central bank steps in to rescue Otkritie Financial Times Retrieved 29 August 2017 The Central Bank of Russia launched selling Otrkitie FC Bank reuters com 2021 08 03 VTB becomes owner of Otkritie bank regulator tass com 2022 12 27 Russia Finance Corporation to buy 29 923 of NOMOS BANK additional issue shares Archived from the original on 2009 01 05 Retrieved 2008 08 26 空調服のフィルターを自作する方法 空調服メーカー Archived from the original on 2009 01 05 Retrieved 2008 08 26 rounded up to 1 d p 1 Archived 2011 10 04 at the Wayback Machine High Court bars Otkritie co founder from disposing of assets Financial Times 2019 07 12 Retrieved 2023 04 06 Russia opens criminal proceedings against former Otkritie boss Financial Times 2019 02 05 Retrieved 2023 04 06 ieyenews 2018 02 22 Cayman Islands firm gets to work on Taylor Swift castle IEyeNews Retrieved 2023 04 06 Midolo Emanuele The Scottish Castle At The Center Of A 700 Million Legal Battle Between The Kremlin And A Russian Tycoon Forbes Retrieved 2023 04 06 Perthshire country house amidst Russian High Court battle Scottish Financial News Retrieved 2023 04 06 U S Treasury Announces Unprecedented amp Expansive Sanctions Against Russia Imposing Swift and Severe Economic Costs 24 February 2022 Financial Sanctions Notice 15 12 2023 PDF 15 December 2023 Guthrie Sam Nomos Bank launches real time currency conversion system Yekaterinburg News 2 10 2014 Retrieved 2 10 2014 Waits Douglas September 17 2013 NOMOS Bank Eurobonds admitted to MICEX trading Cistran Finance Archived from the original on 29 October 2013 Retrieved 25 October 2013 External links editOfficial website otkritiefc com web archive org otkritiefc ru web archive org Financial information nbsp Companies portal nbsp Banks portal nbsp Russia portal Retrieved from https en wikipedia org w index php title Otkritie FC Bank amp oldid 1217045405, wikipedia, wiki, book, books, library,

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