New state bank: what will bring the merge of VEB subsidiaries with Russian Capital

Two subsidiaries of VEB, Svyaz-Bank and Globex, can be merged with Russian Capital. What will come of this?
Origin source
Assets rehabilitated VEB bank "Globex" and Svyaz-Bank will be transferred to "Russian capital", on the basis of which new large state bank can be created, reports "Interfax". "Hatched a plan to create a major player in the market of universal banking services, and in this sense the union of Svyaz-bank" Globex "and" Russian capital "can solve this problem. On the one hand, will be capitalized "Russian capital", on the other hand - creates a powerful player in the market ", - said the source agency familiar with the plans of the authorities.

Which bank is created

The assets of the bank "Russian capital" is 215 billion rubles. The assets of Sviaz-Bank's more - 370 billion rubles, "Globex" -. 284 billion rubles. Thus, the total assets of the new bank could reach 870 billion rubles. This is slightly less than that which occupies the 14th place in terms of assets of Raiffeisenbank.

Bank's development strategy, developed in October, suggests that "Russian capital" will serve megasanatora - restoring troubled banks and social work with toxic assetsialno significant companies. However, as told RBC source close to the "Russian capital", and familiar predpravleniya "Russian capital" Mikhail Kuzovlev, the bank also has to function as a full-fledged commercial bank. Now he sanitizes company SU-155.

Banks "Globex" and Svyaz-Bank function as usual universal banks. "What will happen as a result of the merger of the sanatorium with two commercial banks, will depend on the DIA strategy of how the agency decides to develop a daughter. In any case, it is clear, it is unlikely that the new bank will be able to seriously compete with the existing state-owned banks: it will be much less (even the smallest state bank - Rosselkhozbank - three times as much in terms of assets), and is unlikely to be able to compete for major borrowers, "- says analyst rating agency Fitch Anton Lopatin.

What is the banks, and they were at the VEB?

VEB bought "Globex" and Svyaz-Bank at the end of 2008 as part of measures to stabilize the banking sector. Both transactions financed by the Central Bank, placing deposits in VEB for $ 2.5 mld to reorganize Svyaz-Bank and $ 2 billion - the bank "Globex".

Bank "Globex" before the crisis, belonged to the famous banker Motyleva Anatolia and was a member of the fifty largest banks in terms of assets. In 2008, he almost went bankrupt due to the outflow of clients' funds, but a decision was made about his salvation: VEB bought 98.9% shares of the bank for a symbolic 5 thousand rubles.. This decision is explained, "urgent need" to ensure fulfillment of obligations to 80 thousand customers. Deputy Chairman of the Central Bank Nekby then called "Globex" "absolute champion of falsifying statements." He also said that the Bank was considered "pariah" in the market due to "draw" the capital and much of the credit was issued to finance real estate owned Motyleva.

Together with the "Globex" at VEB balance development projects were submitted, which funded the Bank, including the construction of the project on the site of "Slava" watch factory, shopping center "Novinsky Passage" and others.

Sviaz-Bank before the crisis, belonged to "RTK-Leasing" (24.95%) of the Criminal Code "Property"; (19.16%), the company "Himtek" (7.79%), "the dedicated" Ltd. (19.1%). Co-owners of the bank were also "Svyazinvest", "Rostelecom", "Central Telegraph", the bank is considered a reference bank of the communications industry, served 98% of payments "Mail of Russia". The crisis on operations with securities the bank, according to the bank, lost 30 billion rubles. In addition, on the basis of pre-crisis 2007, the bank 60% of customer loans, according to IFRS, were unsecured - almost 55 billion rubles.

How to help the VEB

$ 6 billion - by the same amount in December 2014 the government placed in the VEB until 2029 the NWF funds to recapitalize

At 5 years (until 2034) was extended period of outstanding foreign currency deposits in VEB for $ 6 billion. Interest rates on them were reduced to 3,55-3,8 to 0.25% per annum

$ 500 million can bring VEB changing conditions on the NWF deposits for three years

1.5 trillion rubles. - A preliminary assessment of VEB demand for state support, according to RBC's source

73.5 billion rubles. - VEB's net loss under IFRS for the first half of 2015

$ 893 million - the external debt of the VEB to maturity for 2016

2.1 tonsRLN rubles. - VEB's loan portfolio in 2015

870 billion rubles. can make the volume of new assets of the bank in case of joining Sviaz-Bank and "Globex" (VEB's subsidiary banks) to the "Russian capital"

Sources: VEB, RBC

Banks are now in a precarious financial state, says analyst rating agency Standard & Poor's Anastasia Turdyeva. Both banks have suffered losses for the first 11 months of 2015: Sviaz-Bank lost 9 billion rubles, "Globex" - 5 billion rubles.. The reason is the growth of allocations to reserves, said Turdyeva.

Why take VEB banks?

Transfer "Globex" and Svyaz-Bank provides rehabilitation plan of the bank, said at an economic forum in Davos, Vnesheconombank Chairman Vladimir Dmitriev. Plan the rehabilitation of state corporations began to discuss in December 2015 after President Vladimir Putin said in his annual address to parliament that many development institutions "turned into a real trash for bad debts", and instructed to optimize their structure and function.

EBV was the main creditor of Olympic developerin, he has funded 20 projects for 240 billion rubles, wrote "Vedomosti" in 2013, -. even then 79% of these loans were problematic. Until 2014, VEB issued unnamed Russian investors loans $ 8 billion for the financing of the metallurgical enterprises in Ukraine, mainly in the Donbas. Due to the hostilities in eastern Ukraine VEB forced to devalue these loans.

Whether selling VEB bank will help?

The transfer of assets will reduce the obligations to the Central Bank "in the market value of banks," which have a positive impact on the balance of the VEB, he explained. Earlier Dmitriev mentioned that in talks with the Bank of Russia on the fate of deposits issued by the VEB on bank resolution. Obtained in 2008 from the controller 212 billion rubles. were converted into seven-year bonds, VEB also made a rate cut from 4 to 2% in 2014. The transfer of assets "Globex" and Svyaz-Bank could lead to "offset obligations of the Bank of Russia VEB," said Economic Development Minister Alexei Ulyukayev.

Market Value "Globex" and Svyaz-Bank is difficult to determine, analysts said. "ASC PricesFirst banks range from 0.3 to 1.3 of capital, so that the estimate for how much you can realize the assets and Svyaz-Bank "Globex", causes difficulty ", - said S & P analyst Viktor Nikolsky.

"If banks VEB will buy, probably the money that will receive a state-owned corporation, will be used for partial repayment of the debt to the Central Bank. The price at which the transaction will take place, it is difficult to assume ", - says analyst rating agency Fitch Anton Lopatin. He notes that the transaction may improve capital ratios VEB under RAS. "Investment banks are deducted from the capital base, but to understand how sales and Svyaz-Bank" Globex "can support the performance of VEB's capitalization is impossible, as a state corporation expects to regulations on its own method of calculation, and did not disclose" - Lopatin says.

How else save VEB

Earlier, the government has tried to improve the difficult financial situation of the VEB by a change in state corporation accommodation conditions NWF. Money from the FNB VEB started to get to the crisis of 2008, on December 1, according to Ministry of Finance data, the debt to the National Welfare FundIt left 195 billion rubles. and $ 6.2 billion (it is 14.3% of VEB's obligations). It was assumed that one bestselevoy VEB repay a deposit of 50 billion rubles. in the summer of 2016, anti-crisis deposits - in the years 2019-2020, and $ 5.9 billion of subordinated loans, which are issued for recapitalization of the bank, - in 2029. However, earlier this year the government decided to extend the deadline for deposits of five years, lower interest rates on foreign currency deposits to 0.25% per annum (previously LIBOR + 2,75 / 3,00%) and to establish a grace period on interest payments for up to three years . "This will enable Vnesheconombank to receive additional income and increase it by the capital", - stated in the disposal of the government.

The difference in rates will VEB additional "paper profits, which will be counted in the bank." In statements to IFRS in 2014 specified that the income from the initial recognition of subordinated loans SWF in the amount of $ 5.966 billion (228 billion rubles. At the exchange rate at the time of placement and 303 billion rubles. At the rate at the balance sheet date), placed on the 15 years, was 25 billion rub., Nicholas says. Extension of deadlines and changing rates can lead to susubstantially non-recurring gains, which will be reflected in the IFRS for 2015, he added.

Finance Minister Anton Siluanov said that before the VEB will receive state aid, it should sell its liquid assets. For example, the VEB has 2.7% of the shares of "Gazprom", which are now worth about 85 billion rubles. And the Minister of Economic Development Alexei Ulyukayev said that the sale is meaningless: "If you have liquid assets you can sell them. Under these assets you do not need to create large reserves, they do not burden your balance. The problem of those assets that burden your balance, and that is why they are not sold ... Then nothing will help in terms of the bank's capital decision of its tasks. The senseless exercise. "