The Bank of Russia announced the transfer of management functions by the International Bank of St. Petersburg (IBSP) to the provisional administration in the person of the state corporation Deposit Insurance Agency (DIA). Powers of shareholders of the IBSP and bank management bodies have been suspended.
In the message of the Central Bank, the introduction of the temporary administration is explained by the unstable financial position of the IBSP and the threat to the interests of its creditors and depositors.
The primary task of the temporary administration of the Central Bank called the determination of the size of the imbalance between the value of the assets and liabilities of the IBSP.
At the same time, on October 15, the Central Bank introduced a three-month moratorium on satisfying the claims of the IBSP lenders, which, in accordance with current legislation, serves as a basis for commencing payments of DIA to bank depositors in the amount of up to 1.4 million rubles. The agency must start paying payments within 14 days from the moment of the moratorium.
"These decisions have been taken by the Bank of Russia in order to protect the interests of creditors and depositors of the bank and will ensure full control of the situation in the credit institution and the preservation of its assets," the CB said.
The owner of the IBSP, Sergei Bazhanov, could not promptly comment on the situation to RBC, citing the fact that he had a meeting.
Last week, the Expert RA rating agency lowered the IBSP credit rating by three steps at once - from ruB + to ruCCC (“a significant probability of non-fulfillment of its financial obligations in the short term”) with a negative outlook. The agency explained this by the low market positions of the bank, a vulnerable assessment of capital adequacy with low operating efficiency, volatile liquidity, low asset quality (since the beginning of the year the share of prolonged loans in the bank’s loan portfolio increased by 25 pp, exceeding 60%) assessment of the quality of corporate governance. "
“Expert RA” indicated a weak diversification of the IBSP business by segments of credit risk (42% of corporate loans accounted for construction). In addition, according to the rating agency, there was a large amount of insufficiently reserved bad debts on the balance sheet of the bank.
IBSP is one of the largest banks in the North-West region of Russia. According to the portal “Banki.ru”, as of September 1, he occupied the 91st place in the country in terms of capital (123 form) and 76th place in the amount of deposits of individuals. The Bank has five branches - in Moscow, Nizhny Novgorod, Volgograd, Ulyanovsk and Novosibirsk.
99.23% in the capital of IBSP belongs to the chairman of his board, Sergey Bazhanov.