Commercial secret of the Ananyevs

Their Promsvyazbank is on the verge of bankruptcy, but it shows a profit.
The bank, owned by Alexey and Dmitry Ananyev, after losses of 16.4 billion rubles unexpectedly showed a profit that could not be: 2.1 billion rubles. But deepening in the reporting you can understand that the profit of the bank is ensured by saving on the reserves! The bank had to accept "reduce coverage of problem loans with provisions below 100%."

"In contrast to previous years, PSB under-booked the non-serviced portion of the loan portfolio, which helped the bank reach its net profit by 2016. Market practice is that large banks generally have NPL (overdue loans over 90 days) coverage exceeding 100%," says Moody's analyst Lev Dorf. Moreover, "the profit shown in the reporting for 2016 is 2 billion rubles. For a bank with a balance of 1.2 trillion rubles it is insignificant," summed up Dorf.

PSB is over?

The situation with the bank is difficult, it seems even the Ananyevs do not believe in its bright future, because "capitalization at the expense of shareholders is not planned," says the deputy chairman of the board of Promsvyazbank. Recall that in February of this year Viktor Pichugov, one of the main shareholders and a former member of the Federation Council, withdrew from Vozrozhdenie's bank affiliated with the PSB.

Let us note that the volume of the troubled debt of Vozrozhdenie under the Ananyevs made 20 billion rubles! And the bank's customers' funds for the year decreased by 2.6% to 169.7 billion rubles.
There was a reduction in the volume of funds of retail customers due to currency accounts. It became clear that tVozrozhdenie has problems when the "influential customers" started to flee: Valery Gergiev, the famous film director Nikita Mikhalkov and no less famous cardiac surgeon Leo Bokeria. In general, the reduction in the retail deposit portfolio of Bank Vozrozhdenie amounted to 8.4 billion rubles.

Minority shareholders of Bank Vozrozhdenie did not express an interest in the proposal of the brothers Dmitry and Alexey Ananyev to buy the bank's shares in order to replenish the assets of the financial institution.

Where the "banking death" of the Ananyevs began

Recall that the brothers Ananievs were able to win a corporate war with the Orlov family, who owned 36.7% of Bank Vozrozhdenie. It seemed that the billionaires would correct their business with this asset. But it turned out the opposite. Moreover, from a legal point of view, there might be certain questions to the bankers. Promsvyazbank was replaced by shares of Vozrozhdeniye, owned by JP Morgan, Tamur Holdings Limited, and the head of the Board of Directors of Vozrozhdeniye, Mr. Otar Margania.

The crisis of Bank Vozrozhdenie "happened" after the death of its founder, Dmitry Orlov, who died in December 2014. Shares of the bank wanted to buy out Absolut Bank, controlled by one of the state corporations. But it turned out, as you know, in a different way. The Ananyevs agreed on the purchase of the share of the head of the board of directors Otar Margania, who owned a 19.67% stake in Bank Vozrozhdenie, were in fact able to seize control of this credit organization from Orlov's heirs. It should be noted that the main shareholder of Bank Vozrozhdenie, Elena Orlova, handed over to her daughter Tatiana a stake in the bank with a 25.58% stake in the margins; there were rumours that the Ananyevs could "press" Tatyana Orlova and force her to sell her shares.

The fact is that Alexey Krapivin, who spoke from January to June last year as a trustee of a 32.03% stake in Bank Vozrozhdenie, which belonged to his heirs after the death of Dmitry Orlov, became the owner of 5,097% of the bank's voting shares on July 15. However, July 20, 2015, it became known that Krapivin increased its stake to 6.9%. The fact is that Burlington Trading of Margania can control another 4.88% of the shares, so in the end it could own 24.6% of Vozrozhdenie Bank.
The Ananievs through the entities of the controlled Promsvyazbank bought up almost half of the shares of Vozrozhdenie. But then it was unclear where could Promsvyazbank get so much money to buy a package worth 10 billion rubles.

Questions to PSB
Siloviki can begin to root against the Ananyevs not only through Vozrozhdenie, but also through Promsvyazbank. PSB was also noticed in the resonant scandal connected with the fact that in 2003 a massive purchase of land shares began in the Moscow collective farmers. The Ananievs already sanitized the banks in the Volga region: Yarsotsbank and the bank Nizhny Novgorod, and even earlier they bought Volgoprombank. The DIA allocated money to the Ananyevs for sanitation. What happened to these funds afterwards, is difficult to trace. But, in July 2016, the Central Bank removed the DIA and private banks from the rehabilitation of distressed assets. The central bank headed by Elvira Nabiullina radically changes the system of "sanitation of banks". The Central Bank will be engaged in the "recovery" of banks.

"Our analysis of the progress of sanitation shows that, as a rule, investors themselves do not invest in the capital of a sanated bank, do not always develop its business, and sometimes use the balance of a sanated bank for bad debts, placing a large share of the funds received for rehabilitation in their own projects,"  said Elvira Nabiullina.

The crisis in PSB is confirmed by the fact that the Ananievs are trying to "beat out" debts. For example, "Pro For example, Promsvyazbank demands to recognize as bankruptcy of the company Peresvet-Invest with which it was earlier partners in the project of residential quarter Megapolis in Novokosino in the east of Moscow, where it was planned to build 1.6 million square meters of residential and commercial real estate. However, in November 2016, Peresvet-Invest left the project, and its co-investors were Promsvyazbank, NDV-real estate and GC Expert.

The bank has already filed a claim to the Arbitration Court of the capital to the group of companies Svyaznoy to recover the debt by a total amount of 5.99 billion rubles. By the way, if Svyaznoy does not pay this amount to the bank, PSB will ask the court to reclaim the assets of the retailer that are mortgaged for this loan. True, the likelihood that the Ananievs will have time to get the hotels and Svyaznoy in the short term is not high. Note that the billionaires want to improve their business also at the expense of the group of companies Heliopark Group. Because of the $26 million taken on credit, the owner of the group Alexander Gusakov may lose his 12 hotels.

It seems that the Ananyevs "for diverting the eye" demonstrate the PSB's profit by reducing the coverage of problem loans. Does this mean that Promsvyazbank will soon become bankrupt, and the billionaires will flee somewhere abroad?

Here it is worth remembering that Dmitry Ananyev was a senator in the upper house of parliament from 2006 to 2013. In 2013, the billionaire withdrew due to foreign assets.

"Ananyev tried to transfer his assets to Russia, but with a large volume it is not always possible to do it in three months," said Vice-Speaker of the Federation Council Eugene Bushmin. Not possible or not trying hard enough? In any case, Ananyev has a place to leave to, but whether depositors will get their money, if PSB becomes bankrupt, the issue is very controversial.