Oktritie Bank is under resolution

The Central Bank of Russia will save the important private bank at the expense of the budget. 
Rumors about the serious problems of FC Otkritie due to the aggressive growth policy through mergers and acquisitions have been fully confirmed. He passes under the control of the Central Bank, which will then become the main shareholder. As it turned out, the Bank of Russia drew attention to the situation in FC Otkritie a year ago. Probably, the project of the Fund for the Consolidation of the Banking Sector, announced at the time, was originally intended to save one of the largest private banks in Russia.

The fact that "FC Opening" requires extraordinary support measures, in the evening of August 29, told the Central Bank. The bank introduced an interim administration to examine the financial situation, measures to prevent bankruptcy will be implemented by the newly established Central Bank of the Banking Sector Consolidation Fund. Together with FC Opening, the organizations that are members of its group, including SC Rosgosstrakh, Trust Bank (for rehabilitation at FC Otkryt), four non-government pension funds, Broker Opening, Point "and Roketbank.

FC Opening is the eighth largest asset in Russia, the second among private banks. The volume of citizens' funds is 467 billion rubles. The largest beneficiary is Vadim Belyaev (17.98% of the voting shares), among the shareholders are the financier Ruben Aganbegyan, the president of LUKOIL Vagit Alekperov and the company's board member Leonid Fedun, Alexander Nesis, Alexei Gudaitis, Nikolay Dobrinov from the group ICT, VTB (5.51% ), Rosgosstrakh (3.75%), businessmen Mikhail Parinov and Alexander Mamut.

Contrary to the established practice, the regulator does not speak about the need for urgent intervention in the work of FC Opening. Representatives of the Central Bank refuse even to outline the scale of the bank's problems and the possible amount of financial support it needs. In addition, the regulator said in an official message: the recovery will take place with the participation of the main owners and managers of FC Otkritie, although usually in these situations both of them from the problem bank management are immediately suspended. Also, contrary to usual, the Central Bank this time did not announce a temporary moratorium on the satisfaction of creditors' claims. Customers continue to withdraw deposits from the bank. In less than two months, the legal entity has already withdrawn 389 billion rubles from FC Otkritie, and citizens (mainly VIP clients) - 139 billion rubles.

At the same time, the Central Bank acknowledged that the problems of FC Opening were known last fall, and the transfer of the bank to the rehabilitation fund was discussed since the beginning of 2017. According to the first deputy chairman of the Central Bank Dmitry Tulin, the bank's problems were caused by his high-risk business model, expressed in aggressive growth through mergers and acquisitions at the expense of borrowed funds. "The" Discovery Group "was booming, and the capital was inadequate compared to the risks," Mr. Tulin admitted. "The shareholders themselves asked the CB to apply such a scheme." According to him, the trigger was the acquisition by the bank of a troubled insurer "Rosgosstrakh", which he "could not digest."

In Rosgosstrakh, however, they categorically disagree that they are to blame for the problems of FC Opening. "It would be more correct to say that the problems in the MTPL market have become one of the factors of getting an investor in the form of the Central Bank," the source close to the company said. In 2017, the bank financed an insurer of 40 billion rubles., Rosgosstrakh's net loss under IFRS by the end of 2016 amounted to 33 billion rubles. (See "Kommersant" on August 18). The source of Kommersant, close to the management of the company, assured: the reorganization of FC Otkritie will not affect the completion of the acquisition of Rosgosstrakh.

"FC Opening" will be the first project of the consolidation fund of the banking sector. On his example, it will be possible to assess the real pluses and minuses of the new scheme for improving banks - cash injections into the capital instead of loans.

Upon completion of the temporary administration, the Central Bank will receive at least 75% of the bank's shares, while current owners will be able to save 25%, and may lose them if it turns out that its capital is negative.

Experts refer to the transfer of FC Opening to the fund as the best possible solution. "The mechanism of bail-in (salvation at the expense of the largest creditors) in this case would be dangerous. When using bail-in, financial or corporate clients would suffer losses. A domino effect could arise, because the bank is very large, "said Denis Poryvay, an analyst with Raiffeisenbank. But the absence of intelligible explanations from the Bank of Russia raises questions. "In the release of the Central Bank there is a reference to the article of the law" On Bankruptcy, "which indicates seven grounds for the introduction of the interim administration. However, the Central Bank does not write anywhere on which basis it adopted this decision, "- explains the partner of the company" Iontsev, Lyakhovsky and Partners "Igor Dubov.

Who will supervise the recovery process of FC Opening, until the end is not decided. According to sources, "Kommersant", as the main candidate for the post of anti-crisis manager of the Central Bank sees the current head of VTB 24 Mikhail Zadornov. He himself does not comment on this question, but in VTB the possible withdrawal of the top manager is categorically refuted. Mr. Tulin only assured that "there are worthy candidates from among the well-known career bank managers who are ready to occupy top management positions in the bank after the completion of the necessary procedures."