Russian Central Bank is going to take control over Binbank

Its transfer to the Banking Sector Consolidation Fund can be announced in the coming days.
The central bank may soon introduce an interim administration to Binbank and transfer it to its Fund for the Consolidation of the Banking Sector, created for the rehabilitation of banks. About this "Vedomosti" was told by a person close to the Central Bank, three state bankers and one private financier who knows this from an employee of the Central Bank, a banker who learned this from his colleagues from Binbank, the head of a large financial and industrial group. Together with Binbank, the bank "Growth Bank" and "Binbank Digital", which are being sanitized by the co-owner of the bank, can be moved to the Consolidation Fund, Vedomosti's interlocutors say. Two of them say that the Central Bank can announce its decision on Thursday.

The Central Bank does not comment on the acting banks. Shishkhanov declined to comment. Contact with Mikhail Gutseriev, the founder and co-owner of Binbank, on Tuesday failed. Evgeny Davydovich, on September 18 appointed by the presidency of Binbank, did not comment on "hypothetical rumors".

Shareholders of Binbank were negotiating for its transfer to the Central Bank, two interlocutors of Vedomosti know. Now the situation is relatively stable and it is possible to negotiate in an amicable way, one of them believes. In August, Binbank's liabilities fell by 5%: it cut the borrowings from the Central Bank and banks by one third to 34 billion and 50 billion rubles. accordingly, deposits of the population - by 22 billion rubles. up to 534 billion.

This would be the second project of the Consolidation Fund after the "Opening of the Holding" - on the rehabilitation of FC Opening, Trust, Rosgosstrakh and three APFs was announced on August 29.

They have a similar weakness, says ACRA senior director Kirill Lukashuk.

This is an extremely aggressive business model for the development of recent years, built on inorganic growth, continues Lukashuk. In the case of Binbank, growth was due to low-quality assets, primarily Bank Growth and MDM, he continues.

In 2015, Gutseriev said in an interview with RBC that he wants to make a bank that will go down in the top ten. Since 2014 the group began to acquire one bank after another. In the spring of 2014, outflow of funds from the "daughter" of the Ukrainian Privatbank, Moskomprivatbank, and the Central Bank introduced the provisional administration. Soon it was for 6 billion rubles. bought Binbank, having received for a sanation of Moskomprivatbank a preferential loan of the Central Bank in 12 billion rubles. Now this is Binbank Digital.

In the same year, the group took on the rehabilitation of the group "Growth of the Bank" - the regulator allocated 35.9 billion rubles for the rehabilitation of five banks. Soon, they added Uralprivatbank, associated with the former owners of the "Growth". Then came the turn of the leasing company Europlan (in the same year it held an IPO). In 2016, the transaction for the purchase of MDM Bank was closed, on the basis of which the banks of the group were consolidated, including Binbank.

"Nobody sells anything good. It was a sanation. "Growth Bank", "MDM Bank" and five more banks were not in the best condition. All this was done with permission and with the full support of the Bank of Russia, "Gutseriev said in an interview with Vedomosti in August.

In parallel, there was a purchase of pension funds. Four of them are united on the basis of APF "Safmar" (the former "Raiffeisen"). In the insurance market, the group acquired 45% of VSK.

The most nontransparent component of Binbank's assets is the loans "Growth to the Bank," says Yury Belikov, leading expert at Expert RA, says that more than half of Binbank's assets, 670 billion rubles, are inter-bank loans, for the most part "Growth of the Bank." Such a high concentration of credit risk on one counterparty is reflected in the auditor's conclusion under IFRS for 2016 as an important circumstance, Belikov recalls. Assets for a similar amount - 617.4 billion rubles. - Binbank weighs [with a low] risk factor of 20%, it follows from the explanatory note to its Russian accounts as of July 1. The bank refers to these assets as "balances on accounts with resident banks".

"Conclusion" Growth of the Bank "for the legal perimeter of the group did not reduce the main risk - changes in the Bank of Russia's tolerance for assessing the requirements for this financial institution: economically these are operations with high credit risk, which should be well reserved. In this case, he himself was unable to generate the capital "Growth Bank", - says Lukashuk.

In addition to investments in securities, the assets of "Growth Bank" are represented by corporate loans, Belikov points out, mainly long-term loans with low turnover. "Taking into account that the liquid assets of" Growth Bank "do not cover its obligations to Binbank, it turns out that the financial condition of the latter is critically dependent on the quality of Rosta's assets (claims to it exceed the capital of Binbank many times), and they, as usual happens at sanitized banks, are not transparent, "concludes Belikov.