Kings of the crisis: why the Gutseriev family's business is growing during the depression

BIN Group seems to benefit from the crises: since 2008 it has become one of the most active investors in the Russian real estate and oil, and its financial business has grown more than 10 times. How could it do it?
Origin source
Sharp rise BIN Group was preceded by events that seemed to put an end to the company's history, which began in 1992. In 2006-2007, against its founder, Mikhail Gutseriev had opened criminal cases on charges of illegal entrepreneurship and tax evasion. At the same time, top managers of the company he created "RussNeft" and charged that they pumped oil in excess of the limits of licenses earlier in the accused was imprisoned Yukos executives.

$ 3.5 billion received from the sale of Mikhail Gutseriev "RussNeft" and the network of filling stations

Source: BIN Group, BIN, evaluation RBC

In July 2007, Gutseriev sold "RussNeft" the owner of "Basic Element" Oleg Deripaska and hastily left the country - through Belarus to Azerbaijan and then to London. And it was on the federal wanted list in August. In the modern history of Russia there are many cases where in similar circumstances businessmen settled permanently abroad, and until recently there was not one, when someone returned.

The history of Russian businessman Mikhail Gutserievyglyadela completed. Moreover, he immediately began to settle in a new place, already 26 September 2007 registering in London GCM Global Energy, which started new investments Gutseriev. Fortunately he had the money: $ 2.8 billion from the sale of "RussNeft" and $ 800 million - from the sale of LUKOIL filling stations in Moscow. Only the purchase of oil companies and deposits in Azerbaijan, Canada and other countries, Global Energy has spent about $ 1.5 billion, investing in real estate and other assets. Directions repeated investment structure BIN Group - seemed Gutseriev has decided to create a copy of it abroad.

At the same time in Russia there were many BIN assets - in particular, a large number of projects in the retail and commercial real estate, which has traditionally dealt brother Michael, Sait-Salam Gutseriev, BIN and construction companies, which are responsible for his nephew Mikhail Shishkhanov. A source close to Mikhail Gutseriev told RBC that Shishkhanov was extremely discouraged disgrace uncle did not know how to continue to do business, so think seriously about selling BIN.

"Do not be afraid of anything"

This sdelka really discussed, Shishkhanov confirmed in a conversation with RBC: the summer of 2007 he began negotiating the sale Binbanka with businessman Vadim Moshkovich. Already in November, hit on his hands, but then the registration of the transaction was delayed. For technical reasons, according to Shishkhanov.

"Then the banks bought mostly foreigners, and now Russian businessman from Russian businessman, had to submit a lot of documents - tax return to prove the origin of the capital, while supervision is still not working as it is now - on the well-oiled procedures, - he said RBC. - I understand that the transaction is delayed, in May 2008, it became clear that there is a crisis, if a little more pull, you will suffer all, and therefore, it is necessary to take it all back. " Moszkowicz RBC refused to answer questions, and a source close to Gutseriev said that the transaction reversal reason was different: Shishkhanov arrived in London, where his uncle allegedly said to him: Go, work quietly, do not be afraid.

Probably, in 2008, Mikhail Gutseriev was confident in the success of the negotiations with the authorities on his return to Russia. "I have enough money toeasy to live abroad. But then, a horse and a cow live, they fed and watered. And we the people. If I think:? I took billions and left - and who will remain in Russia, "- he told" Vedomosti "in 2010. Among the people who helped him to "clear his good name," Gutseriev called Vladimir Putin, Dmitry Medvedev, as well as the head of Sberbank German Gref and Chairman of the Board of Directors of AFK "Sistema" Vladimir Yevtushenko. The latter had his reasons: Savings Bank was a major lender BIN companies and Yevtushenko expected to include "RussNeft" in the "System" of the oil business. All criminal proceedings against Gutseriev were closed, all tax claims dropped.

"RussNeft" has experienced a crisis during the absence of the founder, as told one of her creditors. "Gutseriev during the story came and said to" RussNeft ", which will return all the debts regardless of whether there is a personal guarantee or not. And could it not to do, would say: "The State" stomps "I'm sorry" - as all do, "- said the banker. "Each and every penny [us] backon time ", - he added.

In Russia Gutseriev back in 2010 and then again became the owner of "RussNeft", Deripaska paid $ 800 million spent on loan servicing companies - after the crisis, the owner of "Basic Element" was not up to the oil. In 2010, the "System" purchased 49% shares of "RussNeft" for $ 100 million (but in 2013 sold for $ 1.2 billion structures act in the interests Gutseriev).

Welcome back to the founder of BIN and began the rapid growth of the group. If earlier it was satisfied the role of a strong middle peasants, after London BIN started to grow so fast, as if the co-owners group decided: recipe for survival is to become not just big, but huge. The most obvious example - BIN.

reform Binbanka

Before the 2008 crisis Binbank included in the best case in the Russian top 45 by assets, is 6-7 times behind the banks, rounded out the top ten. In mid-2008, its assets amounted to 60 billion rubles., And in October 2015 BIN took the 15th place with assets of 701 billion rubles., Entered the ranking of the fastest growing banks in the RBC.

Total assets of the financialO BIN Group businesses in autumn 2015 reached 1.2 trillion rubles., of which nearly $ 1 trillion accounts for banks, led by Binbank. In July, in an interview with RBC Mikhail Gutseriev he said that the purpose of the BIN Group in the financial sector - to make the bank, which will be included in the first top ten Russian. The goal has almost been reached: the assets occupying the 11th place PSB in October amounted to 1.23 trillion rubles.

Shishkhanov began to actively reform the Bank after the crisis. "In 2009, I saw a loss [1,6 billion rubles. for the year] and realized that it is necessary to change the whole model, "- he says. The old model of the bank - the collection of household deposits and corporate lending - is no longer working, increased competition, banks have become more technologically advanced, the market has shrunk. "We are not satisfied with the profitability of the business, and started throwing: at retail, there, here," - says Shishkhanov.

Before the crisis, BIN BIN served mainly projects. Managing Director of the bank rating agency RAEX Stanislav Volkov said that before the crisis of 2008-2009 Binbank actively finance development projects of its shareholders. "After the crisis, the owners Binbanka provate a lot of work on the diversification of the business, significantly expanding the number of credited sectors, launched a small business loans and retail, "- he says.

Shishkhanov hired a consulting company MsKinsey, traveled the world, studying models of banks for two years: "For weeks he lived in Brazil, Turkey, Asia, Africa only has not got." Shishkhanov liked, how to construct the work with risk management in Raiffeisenbank in the Czech Republic, sales - in the Millennium, Santander banking structure, in terms of the first level of sales - in the bank Capital One. All liked Shishkhanov were combined, a model, calculated costs.

Almost the entire 2012 Shishkhanov spent in planes, carrying a total of about 250 flights in different regions: "We can not sit on the Garden Ring and think that your team will be executed in Ulan-Ude". During this time completely changed the bank's board if Shishkhanov is reforming, that makes it tough and disapproval on the part of managers do not tolerate. As a result, he said, a total had to part with 80% BIN personnel. But for 2011 Binbank net profit according to IFRS in the districtzmere 202 million rbl., in 2012 it had grown to 750 million rubles.

$ 1.25 billion EBITDA will BIN oil business in 2015, as predicted by group

Source: BIN Group, BIN, evaluation RBC

Sanatorium Club

They wanted to grow organically, and let the bank do not become a leader, said the source in the RBC Binbank. "But a couple of years ago, when Nabiullina began to rebuild the banking system, Shishkhanov decided that it is necessary to be either a major bank or banks will not be, and started all ways to build assets to become one of the largest private banks."

Their idea - to make a big, systemically important banks and build their relationship with the regulator so that he saw them as a strong player and was ready to support, the analyst rating agency Standard & Poor's Ekaterina Marushkevich leading BIN. State support and good relationship with the regulator now in Russia - one of the most important forces that help banks stay afloat, she adds. But to get the controller support is not easy. Enter the number of banks that the Central Bank trust reorganization of other banksBIN helped story Moskomprivatbank.

In March 2014 the Ukrainian businessman Igor Kolomoisky exchanged insults with President Vladimir Putin: called it "inadequate", received the nickname of "rogue" in response to Putin. Within a matter of days, the Central Bank introduced in Moscow "daughter" Privatbank temporary administration. Depositors of the bank panic.

CBA offered to all the bank to reorganize, but shied away from a fire, he told RBC one of the bankers. Solve the problem Shishkhanov volunteered, he says: "I took a toxic history, Tsarev fulfilled the request - and the Tsar requested worth it, then you can ask for a fur coat."

In Moskomprivatbank was one big problem: the customer data stored in the parent bank in Ukraine, sanitize it without the agreement of the owner was not. "They cut off a couple of times a database, and 3 million customers hung in the air," - says Shishkhanov. Agree with Kolomoisky not quarrel with the Russian authorities - not an easy task, but it decided Shishkhanov, paying the bank the money and handing Kolomoisky some assets in Ukraine. Etcedstavitel Privatbank Oleg Serga told RBC that the transaction was the market: the bank was sold for a price in excess of capital: it was estimated at 6 billion rubles. when capital 5.5 billion rubles. Serga, however, argues that the "Private" database is not shut off and all of its problems are due only in politics.

On the reorganization of the Central Bank MoskomprivatBank allocated 12 billion rubles. as a loan for maintenance liquidity. Binbank received assets by 56 billion rubles. and the development of card business. Now the Bank operates under the brand "Binbank credit cards." But the main advantage of this story was getting Binbanka a closed "club" sanatorium banks.

Over the last year with a small Binbank taken to reorganize six banks in exchange for a total of about 50 billion rubles. in the form of loans from the Central Bank and the Deposit Insurance Agency (DIA), excluding the transferred liabilities at 25 billion rubles. to 330 thousand. Probusinessbank depositors together with the necessary assets. These loans are given at 0.5% per annum - large and almost free government money.

"BIN wants to be first in everything. He first sanitized "daughter" of foreign banks,I sanitized first time five banks and was the first who received the active-passive pair Probusinessbank [after the withdrawal of the license of the Central Bank Probusinessbank transferred obligations to depositors and good assets Binbank]. Regulator appreciates Binbanka work to rehabilitate distressed assets ", - says Marushkevich from S & P. Central Bank declined to comment.

In the rating report on the S & P Binbank in May this year stated that the bank may face serious risks when integrating taken to reorganize the bank. At the same time, the report said, Binbank plans further expansion. But Shishkhanov in October 2015 publicly stated that while the group would refrain from new rehabilitation. But not from new acquisitions.

Major League

This leap into the big leagues Binbank allowed to carry out a transaction which is not yet formally completed, - the purchase of Sergei Popov of MDM Bank with assets of 363 billion rubles.

Negotiations on MDM went almost two years. Popov, said his friend, decided to "engage in personal life," a headache in the form of a bank he only interfered with, the more clearance which took control of the marketI began to ask questions about MDM. Initially it was assumed that the bank will buy its managers, who will pay him in installments, but the deal broke Shishkhanov, put on the table the same amount, but immediately.

Familiar Shishkhanov said that he agreed with Popov: if assets are worse than they appear - Popov surcharges if the better - extra Shishkhanov. The transaction amount was not disclosed: in the media called the figure of 17 billion rubles. for the 58.33% stake in MDM. Shishkhanov it also does not name, saying only that the paid "normal": both he and Popov are satisfied (with the former owner of MDM could not be contacted).

In early June of this year, Moody's wrote that the bank has a lot of loans that are bad are reserved: of the required 77 billion rubles. created only 39 billion rubles. Binbank MDM bought in July, August 1, the bank reserves created by 2.9 billion rubles. Russia national reporting under IFRS they are accounted for as of August 1 to 6.3 billion rubles. "Such rates of provisioning may again raise the question of the maintenance of the capitalization of the bank", - said S & P analyst Anastasia Turdyeva. The shareholders capitalize the bank as a whole at 7.5 billion rubles. first vznofrom - to 3 billion rubles. - Did he Popov in July by providing a subordinated loan.

Binbank MDM could buy only because of "personal financial support of Sait-Salam Gutseriev," says Shishkhanov (for the purchase of MDM Bank will spend at least 17 billion rubles.). Perhaps his uncle and brother Mikhail Gutseriev will MDM Bank's assets in real estate, which were part of the deal. In total, it is 150 houses with total area of ​​700 thousand sq. M. m and 700 hectares of land: a variety of collateral for unpaid loans - residential buildings, offices and shopping centers, which were packed in ZPIF property "Vanguard, the first building", "MDM - Regional real estate", "Trade Capital" and "City of Gold".

Hotels, offices and shopping centers, in which the Group is engaged in BIN Sait-Salam Gutseriev, bring a large and stable income, second in scale only to the oil business profits, which, according to the forecast, in 2015, will bring at least $ 1.25 billion EBITDA (Group data BIN).

60 billion rubles. - Assets Binbanka summer 2008

701 billion rubles. - Assets Binbanka autumn 2015

50 billion rubles. Binbank received on bank resolution

Source: BIN Group, BIN, evaluation RBC

Almost as oil

Sait-Salam Gutseriev, who refused to meet with RBC, in recent years has developed perhaps the most active in the sector than his nephew - in the bank. BIN has become the largest investor in the metropolitan real estate market in the past five years, spending on the purchase of construction companies, warehouses, hotels and others about $ 5 billion, if we summarize the expert opinions in the media.

Shishkhanov did not want to name the exact amount of transactions, but said the group is not paid the money that was called in the press. "Frontal purchases - this is when you buy a ring to his wife, and in the business is an estimate of the company and the amount of the transaction, the assessment may be 100 million, and the transaction amount - 1 million", - he says. His words are confirmed by the market participants and friends. "Over the past five years, they almost did not buy real estate in the general market conditions", - said a source close to entrepreneurs.

Manner of Sait-Salam to negotiate one of the interlocutors RBC compared with Actiotviyami boa, which is slowly but inexorably squeezes the victim in a vise. "During the talks it is practically on the move, without a calculator, calculate the cost of, say, a shopping center using their own formulas," - he recalled. The conditions offered by Sait-Salam Gutseriev, sometimes worse than the competition, agrees RBC conversationalist, but he is always willing to pay money.

Over the past five years BIN Group purchased various assets such as warehouses "North Domodedovo" and MLP in Moscow, capital of hotel "National" and "Central", the construction company "Inteko" Yelena Baturina, the wife of former Moscow Mayor Yuri Luzhkov. The last deal was reminiscent of the story with the Bank Kolomoisky: ticklish situation in which it was necessary to find a solution that satisfies all parties.

BIN Group helped to solve the problem of billionaire Bidzina Ivanishvili, who in 2011 decided to head the Georgian opposition, and therefore refused Russian citizenship and sold the remains of its business in Russia - a residential complex and hotel in Moscow. And B problemMoscow NCA with unfinished Radisson Hotel fugitive bank president Andrei Borodin: BIN only agreed to pay him 5 billion rubles.

In the summer of 2015 a frustrated buyer Binbanka Vadim Moszkowicz Group agreed to sell its real estate development business BIN - company "Augur Estate" and "A101 Development" with 2.4 thousand hectares of land in the New Moscow.. The deal should be closed in the fall, after consultation with FAS. Moshkovich have been difficulties with the coordination of new residential projects, including why he lost interest in Kommunarka, says a former top manager "Augur Estate".

BIN is able to negotiate with the government is much better, and projects in the new earth will load "Inteko." The following year, after buying Baturina volume of housing construction fell by 45%, to 231 thousand sq. M. m, and so far the company has not reached than in 2010 - in 2014 she built 274.6 thousand sq. m. m, the plan for 2015 - 287.8 thousand sq. m. m. "We have a" Inteko "is the company" Patriot ", which builds mass and the lower mass segments. A101 Company very well in this bear. Price question we ustrosilt ", - says Shishkhanov.

Now the real estate business, on RBC calculations based on data from Colliers International, Cushman & Wakefield, JLL, CBRE and Knight Frank, is able to bring the group to 37.8 billion rubles. a year, provided 100% load. However, Mikhail Gutseriev said in July that the shopping areas were loaded on 90%, business centers - at 83-85%, and a drop in revenue of this segment in the dollar this year will be 25-30%. But there are other parts of the BIN businesses related to real estate and associated banks, which are not always visible.

Land bank

In recent years, BIN collected not only banks and real estate, but also pension funds. The first was the NPF "Trust", inherited Shishkhanov in 2012 after "divorce" with the founder of "Finam" Victor Remsha. In 2006 "Finam" and BIN created management company "BIN Finam Management", which included a "Finam Capital Investments" fund to invest in agricultural land.

Occupied the land offered Remsha, says his business partner Alex Garyunov. The "Finam" had the idea to create a product, totory could invest pension funds. Garyunov hired a team, which started buying land in the Krasnodar Krai, Rostov, Voronezh and Saratov regions. "We even collected grain from farmers and selling it in bulk to get a higher price," - he says. Then he bought the first pension fund - NPF "Trust".

But the whole story, according Garyunova, "did not fly": ZPIF began to be used to hide bad assets, the regulator began to treat them with suspicion. In addition, the partners began to clash on the issue of managing money in the pension fund - in 2012, we decided to "divorce". Shishkhanov received NPF "Trust" and "Finam Capital Investments", which at that time was 160 thousand. Hectares of land. Remsha stayed with IT Fund.

Now the fund of 169 thousand hectares of land -. This 20th-sized land bank in Russia. Binbank leases them to farmers, their finances, as well as the purchase of equipment leasing and traders who buy their crop, tells a familiar Shishkhanov. In the fund's annual report saysthat its assets at the end of 2014 are estimated at 11 billion rubles.

Shishkhanov at first did not understand why we need a pension fund, it had to be persuaded, recalls Garyunov. In the words of his friend, Garyunov bought a pension fund for 6.5% of assets, and sold BIN already about 15%. Since then, the ratio of pension assets to the group has changed: in the three years BIN collected five pension funds, which are planned to be combined into one under the name of "Safmar". Their assets have reached nearly 150 billion rubles.

In the five funds BIN Group would pay 23.7 billion rubles, if we estimate the cost as 12% of total assets are now plus their own funds:. So it is possible to take into account not only what has been spent on the purchase, but also the fact that the group has invested in their development.

Invisible connection

Why BIN pension funds? For example, the NPF "European" group bought in 2013. From the data published on the website of the Central Bank shows that in 2013 the mortgage participation certificates - paper, in which packaged real estate and construction projects, - 0% of pension savings was invested, as well as in 2011 and 2012. At the end of 2014 & mdash; already 29.51%. A similar pattern in the NPF "Regionfond" that BIN had bought in 2014: - 16% of about 0.5% of pension savings by the end of 2014 was invested in 2013 in the mortgage certificates.

Construction business, banks, pension funds BIN Group multitude of intertwined ties. For example, a house "Bernikov" on the street built Nikoloyamskaya "Inteko", the house founded in Binbank a loan of 2.7 billion rubles. This loan is repackaged into mortgage participation certificates issued by a member of the group management company EFG, these certificates are in the portfolios of pension funds, the Group BIN. But the yield, however, is not bad - credit issued by 18.7% per annum.

Another example - the mortgage participation certificates issued by "Geokapital" (not formally included in the BIN, but is her attitude) under the number CC-3. . The borrower on the loan for 24.6 billion rubles, which is packed in the paper - the company Stonebell Trading & Investments, which is owned by Sait-Salam Gutseriev. The pledge given to Petrovsky Passage and business center "Integral" in the territory of the plant "Sickle and Hammer", a loan is granted Binbank. With this money, the GRUoup builds Radission Blu hotel to the World Cup. These certificates also have in the portfolios of pension funds.

This package allows you to remove the loan with the bank balance: as a result of securitization lender becomes the pension fund, which may invest in such securities up to 40% savings, the analyst rating agency RAEX Stanislav Volkov says. "The bank has standards, pressure on capital and pension funds conditionally own, he just comes in this paper and sits in it, without experiencing problems. Kredity lyubuyu on heavy construction sites and property in terms rezervirovaniya ", - he said.

37.8 billion rubles. a year can bring BIN Group Properties

160 thousand. Hectares of land bank BIN Groups

Source: BIN Group, BIN, evaluation RBC

Buyers of the crisis

A new crisis BIN Group is experiencing quite easy. "BIN Group came to the crisis prepared, they properly structured oil business - no large payments in the near future, their real estate portfolio, packed in a very long-term loans, and there is no dy done correctlys in the cash-flow », - said Maxim Poletaev, first deputy chairman of Sberbank, one of the main groups of creditors.

"They are not allowed to gamble, take only that generates cash flow, and this is very true," - assesses the BIN managing director of Proxima Capital Vladimir Tatarchuk, who did business with the group while working at Alfa Bank. Now Mikhail Gutseriev closely involved in the main "generator", "RussNeft" and association "Nephthys". On the sidelines of the forum "Sochi-2015" in October Gutseriev said that it could happen in 2016. From 46 to 49% of the new company is to get the Swiss Glencore to repay "RussNeft" debt to her. What's next? "At the IPO will come. 15 million tons of production - it is a serious company, "- said Gutseriev" Interfax ".

"Large state made during the crisis. There is a rule - buy at the bottom, "- explained RBC Gutseriev this summer. Follow this rule is not easy, and in the midst of a new crisis, a lot of selling and BIN scale buyers - units. "They put out that we will quickly emerge from the crisis", - SWRen is one of a group of creditors. At the very Gutseriev, however, another forecast. "Until the autumn we still slowly fall, the winter we come to the bottom and stay there next swarm, - he argued in an interview with RBC. - Strong decline is simply nowhere to go, it will be a disaster, when there is nothing interesting. "