The resignation of Mikhail Kuzovlev from the post of chairman of the bank "Russian capital", not worked there for three months, came as a surprise to many. The Bank is a 100-percent "daughter" of the Deposit Insurance Agency (DIA), and based on it began to create a unified state structure for the reorganization of credit institutions. On the impending dismissal did not know even the top managers Roskapa, including the appointment of a new acting head of the bank Elmira Tihonychevu. Among the reasons cited differences between Mikhail Kuzovlev and DIA on the bank's development strategy. The decision was taken at Roskapa board of directors held on Thursday evening.
"From the beginning, there were many questions, what will the Roskap what his mandate, what is its strategy, - says the source" Ko "of the DIA. - There were only speculation, but a clear plan and business model was missing. " Apparently, Mikhail Kuzovlev decided to build a business Roskapa similar to the Bank of Moscow, VTB rehabilitated, where he worked for the past four years. But to compare the volume of business, the Bank of Moscow (8th placein terms of assets) and the Russian capital (43 th of May 1, 2015.) is impossible. Request for new leadership headed by Kuzovleva demanded a lot of money. DIA, which deposit insurance fund is almost empty, it could afford not to. Besides "Roskap" unprofitable. In the first half of its loss under IFRS amounted to 3.6 billion rubles. against the net profit of RUB 86.2 million. for the same period last year.
"If the bank will become commonplace as an intermediary for the transfer of funds between the state and regional banks, it will look very strange. Then why call him solemnly megasanatorom? - Wonders the former head of the bank's top 100. - With this easy to be able to handle any division of the DIA or the Bank of Russia. If "Roskap" will take to reorganize the banks, who are not interested market players, then again it is not clear why, and how this will happen. World analogues of the kind. "
The idea of visiting the state bank megasanatora, which actively supported the head of VTB Andrey Kostin, was launched. "It is proposed to create a single quasi-santorus, which would have cleared the problem banks, controlled them and then sold on the market ", - he said in late March at the Economic Forum in China. According to him, this idea of "received a lot of recognition, it is positive ', as will streamline the remediation system. Andrei Kostin also hinted that it should be brought to the "Russian capital", which would become a "bank bad debt." But this would require its recapitalization. In July, the bank headed by a former slave Kostin, former president of the Bank of Moscow Mikhail Kuzovlev, and in late August it became known that the government will inject into "Roskap" a total of almost 14 billion rubles. Earlier, authorities said that it takes about 100 billion rubles to create gossanatora., But the financing scheme is still no.
How the megasanator
"Russian Capital" was established in 1993 by several natives of Mosbusinessbank that later, in 1999, lost his license. The main owners of "Roskapa" said Alexei Ivashchenko (former first deputy chairman of Mosbusinessbank) Irina Kireeva (predpravleniya "Roskapa") and OlMr. Martynov (founder of KB "Big Volga", deprived of licenses in 2004).
Problems with liquidity "Roskapa" appeared at the beginning of October 2008 October 17, 2008 at a meeting with Finance Minister Alexei Kudrin, the co-owner of the National Reserve Bank (NRB) Alexander Lebedev asked to reorganize the "Russian capital". In Bulgaria accounts it was placed a deposit of the Central Bank of $ 300 million "The money he received to the adoption of the law on rehabilitation, on which today banks lend at much more favorable financial and time conditions", -. Says one former top managers of the NRB. Alexander Lebedev did not want to discuss this topic. Prior to the adoption of the law banks are saved point - with the participation of near-state institutions or commercial banks on the basis of individual agreements. In total there were six such cases. The funds allocated for the salvation of the Bank of Russia.
Subsequent testing in buying "Roskape" revealed the problem on a much larger sum. As repeatedly stated by Alexander Lebedev, and he informed the DIA, and law enforcement agenciesthat with the help of dubious transactions, non-performing loans-by-night companies and offshore accounts of "Roskapa" more than 5 billion rubles were withdrawn by previous owners. But none of this did not react - not the Interior Ministry nor the prosecutor's office nor the Investigative Committee. It turned out the opposite. National Reserve Bank raised claims in the wrong spending of state funds received for refurbishment. This could be attributed to the political activities of Alexander Lebedev, to criticize the government and annoyed the Kremlin. The matter went to "mask show" in Bulgaria. While that all the money plus interest back NRB, and the "Russian capital" Lebedev handed back to the state, or more precisely, the DIA, which is already the beginning of self-sanitizing "Roskap".
Once "Roskap" switched DIA, officials rhetoric has changed. DIA immediately revealed in "Roskape" fictitious assets by 3.7 billion rubles., And sent a statement of a criminal case in law enforcement. In 2011, Irina Kireev drew as an accused in the crime. Preliminary amount of material damage causedtion bank to its actions, estimated at 700 million rubles.
Resuscitation "Roskapa" then cost the state 12 billion rubles. The credit institution has earned in the past year, even took to reorganize the Nizhny Novgorod «Ellipse Bank».
The idea of creating megaorgana for rehabilitation and liquidation of financial companies on the basis of the DIA was announced by the head of the agency, Yuri Isaev in June 2013. Earlier this year, it was reported that to do this would be one hundred percent "daughter" DIA - "Russian capital". "Since 2008, the entire banking system in no way cheated distressed assets. They put pressure on capital, and each bank solved the problem yourself - through bankruptcy, assignment, withdrawal in mutual funds or dosozdanie reserves, - said Vice President of FBK Alexei Terekhov. - Systemic nature of the solution of this problem was not. But now, we can assume megasanator create that is also not solve, but only camouflage the problem. "
All roads lead to VTB
Andrey Kostin has actively supported the creation of megasanatora. "If the decisionrehabilitation of a bank VTB today can not take part, and in partnership with the DIA to do this is not very interesting, then a separate structure, and even led by a man from the team of Andrei Kostin, it may be easier - says the former head of the bank from the top -100. - This is a personal thing and clan VTB corporate interests. To participate in rehabilitation is very interesting. After going through the sanatorium huge financial flows. Now in the market there is no commercial players, who would say that he was not interested in rehabilitation of public money. This is a new large piece of business. " "Interest VTB was whether to put in" Roskap "their man, who can influence the megasanatora management policy with respect to those or other problem assets, - said another banker. - The issues for remediation management is important to the sanatorium strategy coincides with the strategy of the largest creditors. After all, the problem assets are not only in private banks but also the state, including the VTB ".
At the end of January 2015 the Government instructed the Ministry of Finance and Minekonomrazviment to develop a project to create a bank of "bad" debt. "This measure is not aimed at the capitalization of banks, and is aimed at solving business problems. This is not a classic bank of "bad" assets, with which capitalize banks. It will be linked to the prevention of bankruptcy of large enterprises, which can be a problem, "- he explained then Deputy Finance Minister Alexei Moiseev. By the way, this officer from 2010 to 2012 headed the Department for Macroeconomic Analysis CJSC "VTB Capital." In early April, he used the same "Russian capital" at the Exchange Forum in Moscow suggested as already megasanatora. In the first half of May it became known recapitalization "Roskapa" by 5.36 bln via OFZ, on 21 May at a meeting with First Deputy Prime Minister Igor Shuvalov, decided to set up on the basis of gossanatora Bank "Russian capital". It was finally announced and the sum ( "to 100 billion rubles."), Which is expected to increase its own funds "Roskapa" so that he could fulfill the expected new features. At the same time, Mikhail Kuzovlev was withmakes a proposal on the transition to work in "Roskap" of the Bank of Moscow. By his duties at the new location banker who has worked since 2002 in VTB structures began July 1, 2015
A graduate of Moscow State Institute Mikhail Kuzovlev started his banking career in 1990 in the foreign center "Probusiness" Sergei Leontiev, where he rose to Vice-President "Probusinessbank". "He had a very good reputation, - says one of the top managers' Probusinessbank". - Quick brains, openness, democracy, mobility. " "Kuzovlev known in the financial market since the 1990s. He is very comfortable in communication, energetic, hard-working, "- says President Association of Russian Banks Garegin Tosunyan. "A professional banker, hard enough in decision-making", - said the head of the Board of Directors of MDM Bank Oleg Vyugin. In 2002, he moved to the post of Vice-President of VTB, which immediately began to engage in problem assets, and a little later - and troubled banks VTB structure.
Career top manager has evolved rapidly. Within etc.and the Vice-President of VTB became the president of Guta Bank, which readjustment he did the next year. The market said that promotion through the ranks Kuzovlev obliged one of the most influential top managers Bank Vadim Levin, who was considered a friend of the then Finance Minister Alexei Kudrin. Vadim Levin not only provided a bank relationship with the Ministry of Finance, but also oversaw the largest projects and important customer. Summer of 2009, Vadim Levin left the VTB to pursue personal projects. Since then, his business activity could not hear.
The news that the July 6, 2004 Guta Bank stopped issuing deposits and carrying out payments, the market excited. Depositors rushed to take savings and other banks. The liquidity crisis threatened to turn into a full-scale crisis in the Russian financial market. The Bank was established in 1991. The founder of the group "Guta" Yuri Gushchin. His friendly relations with the former head of administration of Boris Yeltsin, Yuri Petrov, later the head of the state corporation "Gosinkor". In just a few years, "Guta" Group became obladateI eat large industrial assets in different sectors. The group includes more than one hundred companies. The total value of their assets reached $ 2.5 billion, while revenues from sales in 2002 exceeded $ 1 billion. On April 1, 2004 Guta-Bank ranked 22th in terms of assets and 30th in terms of equity.
Highlights Enterprise "Guty" for which many stare FPG is confectionery group "United Confectioners", which included the factory "Red October", "Rot Front" concern "Babaev", as well as 14 regional companies. Also, "Guta" he owned large stakes in companies belonging to the Engineering Association "Perm Motors", which officials wanted to merge into a single corporation.
Versions of the causes of the fall of Guta Bank had two. First - this is a purely financial problems in the banking sector: in particular, began a massive attack on the "Yukos", which was followed by the collapse of the stock market. Banks invest in securities were in a difficult situation. Then he began to check the banks for compliance with the deposit insurance system.ATEM followed allegations that about 10 banks suspected of money laundering, proceeds of crime. As a result, the market for interbank loans, banks stopped trusting each other. Bids rose, and some credit institutions closed limits. The second version - the pressure on the "Gutu" and the planned attack on the bank to the owners were more compliant in relation to their assets. At that time, "Uralsib", "Russian General Bank" and "Guta" group led dispute over the assets of the plant for the production of ice cream "Ice-Fili" and bakery plant "Star." A wave of distrust in the bank triggered the information that appeared in the beginning of June 2004 on the recesses occurring in the bank documents in the "case" Gosinkor ". Against this background, the bank sharply increased yields on bills, from which it has been suggested that the bank itself, for some reason, buying their own obligations. And at the end of June, loans institutions started having problems with the execution of contracts.
Curious fact that more June 29, 2004, VTB was ready to provide "Gute" credit linth at $ 300-400 million, but just a day declined from this intention. As a result, in July 2004, VTB acquired for a symbolic price - 1 million rubles. Clearly, such a small amount of the purchase was the result of a huge hole in the balance sheet, which, according to unofficial estimates, was approximately $ 600 million. But the deal for the purchase by VTB Bank has been very profitable. Firstly, the state bank took a pledge of the industrial assets of the group "gut", and secondly, attracted a meager rate of long-term deposit of $ 700 million from the Central Bank with the right to use these funds and on their own needs, and thirdly, received extensive branch network . Moreover, only one deposit only the Central Bank covered all obligations Guta Bank.
After the banking crisis of 2005 Guta-bank turned into VTB-24. Kuzovlev left, leaving the leadership of the bank Mikhail Zadornov. But even in 2004 the top manager in parallel served as executive managing director of another subsidiary VTB structure - Russian commercial bank in Cyprus (RCH). RCH was the "daughter" of VTB in 1995, at the same time the bank received a license from the Central Bank of the Republic of Kipp, and in September 1995 its resolution on the export of capital gave VTB Central Bank of Russia.
In 2005, Mikhail Kuzovlev completely moved to the island. It seemed that after Guta Bank of Cyprus - an honorable retirement, but did not fit in the age of the pensioner Kuzovlev. In 2005, he was only 39 years old. In his role as General Director of RSC Kuzovlev, VTB continued to tackle sensitive task.
RCH - this is one of the basic "daughters" VTB actually working in the offshore zone. Before the crisis, in 2008 there was located the main infrastructure of the State Bank for servicing of foreign trade contracts. According to him, the bank and bought with the expectation of the creation of such infrastructure, including state-owned companies and major Russian businesses. For example, through the RCU VTB to finance the purchase by Alisher Usmanov and Vasily Anisimov Mikhailovsky GOK (Mikhailovsky GOK), which tried to challenge Bahamian offshore Colchecter Group Trading. By the way, Vadim Levin helped remove a security arrest 97% of the shares of Mikhailovsky GOK, by sending a letter to the Director of the Federal Bailiff Service Nikolai Vinnichenko. As a result, MGOK entered the "MetalloinWest, "and accused of fraud mill shares ex-president of the group" Renaissance Capital "Oleg Kiselev several years of hiding in London.
In 2008, Andrei Kostin, VTB Kuzovleva returned to the post of vice-president, but after his departure from Cyprus senior manager did not forget the island. Allegedly due to his connections with government and the business community in Cyprus, the fight against offshore companies, which launched the European Commission in 2009-2010., Did not affect VTB "daughter". Then managed to withdraw money Russian state companies, hung on the island. He helped in 2013 when Cyprus began a full-scale financial crisis.
For his work in Cyprus Kuzovleva and colleagues might be nice to thank. In February 2009, the RSC has produced an additional issue, which, according to the consolidated financial statements of VTB, bought "a private company under the control of key management employees of the group." As a result, the share of VTB Bank decreased from 100% to 60%. Names VTB did not name the buyers, but among the Cypriot bank directors were the head of RSC Cyril Zimarin its former head Mikhail Kuzovlev and board member of VTB Anray beam. In February 2009, management paid for its stake $ 39 million, and in September $ 52 million back in the form of dividends.
As a crisis manager Kuzovlev Kostin took in 2011, when VTB following the resignation of Yuri Luzhkov, from the position of mayor of the capital gained control of the Bank of Moscow. The bank bought the package the government of Moscow and Capital Insurance Group for 103 billion rubles.
The Bank of Moscow has got Kuzovlev not in the best condition. Bank of Moscow Salvation cost the state 395 billion rubles. (295 billion rubles. DIA provided, even 100 billion spent himself VTB). History of the Bank of Moscow rehabilitation spawned scandals and the debate about the effectiveness of banking supervision in Russia, but in the three years Kuzovlev managed to return 200 billion rubles. old problem loans. At the end of 2014 DIA loan was extended for five years - up to 2026 - which again yielded a profit of 99 billion rubles. Bank of Moscow financial recovery plan had to be extended from 2015 to the end of 2018. It said that during the 3.5 years of the Russian Bank of Moscow reports should dosozdat reserves of 83.3 billion rubles. Thus, in the case of joining the VTB, create reserves would have to havee latter. Therefore, by joining this year we had to abandon, pushing a further period of three years.
Under the supervision of the DIA
Joining the Bank of Moscow to VTB - the question is resolved and rather technical, which does not require any additional effort. The story of the megasanatorom different. sanations mechanism developed under the Bank of Moscow, and then spread to other banks, he began to show its inefficiency. Sanatoriums provide a ten-year loan at 0.51% per annum. "But last year it became clear that in the new economic realities is too costly to the state and begins to contradict the monetary policy of the Central Bank, - said the chief analyst of the Savings Bank of the Russian Federation Mikhail Matovnikov. - Increase the risk of bankruptcy of the sanatorium itself, and hence the risk that the central bank would be lost with dozens or even hundreds of billions of rubles of loans granted to them. In this situation, it was necessary to develop a new mechanism for rehabilitation. "
Officials have decided to engage in redevelopment through 100 percent "daughter" DIA - Russian capital. And, apparently, Deyty sanatoriums bank will be different from previous rehabilitation. At the very least, the central bank will no longer be financed "Roskap" under the full program. To a greater extent to the readjustment will involve themselves creditor banks, "Roskapu" will have to negotiate with them to write off the debt, entering the capital, etc. "From the point of view of the state interest in the creation of a single Sanatorium understandable - says the head of analytical department of the Bank of BKF Maxim.. Osadchy. - On the financial recovery of banks have already spent more than a trillion rubles, and the result is not seen and no one to ask. For example, to reorganize MOSOBLBANK been allocated 129 billion rubles ,, and end in the process of readjustment is not seen. The state's task - to reduce the costs of remediation using a specialized state bank of the sanatorium. "
The decision that there is a state bank intermediary market, controversial. Michael Matovnikov believes Agency for Restructuring Credit oragnizatsy (ARCO), working on the market from 1999 to 2004 was relatively successful. In the banks, where it worked, creditors receivedlarge amounts than banks that went bankrupt private bankruptcy trustee. In his opinion, sanitation must deal with a state structure, but it would be logical to DIA functions as liquidator of banks were separated from the sanatorium functions. Vyugin, meanwhile, believes that the motivation of the private bank of the sanatorium is higher than that of the state. Non-state shareholders weigh the risks as much as possible and try to squeeze out of the project profits, not losses.
"Creating megasanatora reduce the possibility of the rapid expansion of private banking hodlingov by cheap government loans. For some banks, this was almost the main business ", - said Mikhail Matovnikov.
Obviously, the creation of a single bank of the sanatorium will further nationalization of the banking sector, and its monopolization, as competition in the market will decline. And in the absence of competition, the costs of reorganization of troubled bank will grow. But state-owned banks, such as VTB, Sberbank and Gazprombank, megasanator profitable. They have no reason to be distracted by non-liquid assets, thereby reducing aou financial performance, as it was after the crisis of 2008-2009. Now they can be filled with "Roskap", which, clearing the assets of troubled banks, profitable parts can transmit large players. Perhaps this and the reason for the differences in the development strategy of the bank between DIA and Mikhail Kuzovlev, which led to his resignation.
Summary Mikhail Kuzovlev
Year of birth: 1966
1989 - graduate of the Faculty of International Economic Relations of the Moscow State Institute of International Relations (MGIMO)
1990-1996gg. - Deputy Director, later - Vice President "Probusiness" External economic center.
1997-2000. - Head of financial transactions, then Deputy Chairman of AKB Probusinessbank
2000-2002. - Senior Vice President CRA Probusinessbank.
2002-2004. - Vice-President of OAO "Vneshtorgbank"
2004-2005. - Chairman of the Board of JSC «CB GUTA-BANK"
2004 - 2008. Executive Managing Director EngENGLISH Commercial Bank, Cyprus
2008-2014gg- chairman Russian Commercial Bank, Cyprus.
2008-2011. - First Deputy President-Chairman of the Board of JSC "Bank VTB"
For 2011-2015. - President-Chairman of the Board of OJSC "Bank of Moscow"
July 1, 2015. - 10 September 2015. - Chairman of the Board Bank "Russian capital"
What is a "Russian capital"
The Bank is a wholly owned "daughter" of the Deposit Insurance Agency (DIA) and occupies 43rd place in terms of assets (198.3 billion rubles. May 1 of this year). The crisis of 2008-2009 "Roskap" DIA was taken to reorganize and sanitize "Ellipse Bank", he together with the last year with the agency.
In early August, the DIA has selected the first regional banks for recapitalization and OFZ exchange for preferred shares. The list includes "The Ural Bank for Reconstruction and Development" (UBRD), "Tatfondbank", "Asian-Pacific Bank", "Zapsibcombank", "International Bank of St. Petersburg" (IBSP), "Surgutneftegazbank", "Kuban Credit", " Blyabinvestbank "" Sarovbusinessbank "and" Pervobank ".
Additional capitalization of regional banks will be carried out through the "Russian capital" by passing them to the federal loan bonds. As of 1 July 2015 ACB received consent for additional capitalization of 26 banks and banking groups. Of the 838 billion rubles., Which are intended to recapitalize the banking system, 821.5 billion rubles reserved for these banks.