The High Court of London has forbidden VTB to buy the bank "Revival"

The Russian deal broke down due to the arrest of the share of the Ananiev brothers in Bank Vozrozhdenie.
VTB, which announced its intention to buy Vozrozhdenie Bank, found obstacles to closing the deal. "You see, there are still new legal circumstances in London. <...> We did not leave the negotiations, but these circumstances appeared two days ago, and there has not been enough time yet, including for lawyers to assess the consequences, - said the state bank's presidency Andrei Kostin. - Until the situation is clarified, net assets or not, there is no deal, naturally, and will not. If the assets are cleared and there is confirmation that all legal issues have been resolved, then there will be a deal, probably "(quoted by Interfax).

VTB was interested in "Revival" "at the request of the Central Bank," said Costin (the regulator did not comment on this). The bank is also sold at the request of the Central Bank: after the rehabilitation of Promsvyazbank, owned by brothers Alexei and Dmitry Ananyev, the regulator issued a decree in December, demanding that they reduce the share in Renaissance from 52.7% to a maximum of 10%. His term expired in March, then was extended until June. After the sanation of Promsvyazbank, the brothers divided the assets: the banking business remained with the younger, Dmitry.

The High Court of London, as an interim measure for the suit of bondholders issued under the guarantees of the Ananiev brothers, seized the stake in Vozrozhdenie Bank and other assets, The Bell wrote. In total, the court froze the assets of Ananievs and their companies for $ 15.6 million and 11 million euros, said in a press release of the agency Myddleton Communications, representing the interests of the plaintiffs.

 The deal was almost complete, says a person close to one of the parties to the transaction, but prevented the court's decision in London. According to him, the parties intend to quickly resolve the issue of the arrest of shares - "in the end, the amount is not so large."

The arrest of shares is not the first time that prevents VTB from buying the "Revival". "There are three important procedural issues," Kostin said on June 6, "there should be a decision of the supervisory board of VTB Bank, there should be a resolution of the FAS, as well as the lifting of arrest from 38% of the securities" (quoted by Interfax). In January, the Moscow Arbitration Court seized the shares of Vozrozhdeniye under the lawsuit of Promsvyazbank. This issue was resolved and before the London Court's decision did not interfere with the transaction, said the source of Vedomosti, close to one of the parties to the talks.

"The management of the bank has traditionally not commented on the transactions of shareholders, but we have no doubt that the current process of changing the owner will be completed," said the rector of the "Revival" Mark Nakhmanovich. Prolonged sale did not affect the bank, he assures: "Customers still trust us, and now we have excess liquidity."

VTB is negotiating with the Bonum Capital fund, which acts on behalf of the main owner of the "Renaissance" Dmitry Ananyev, told Kostin in early June. "Apparently, they [Bonum Capital] will consolidate this package and sell it," Kostin said, explaining that Ananiev had transferred all his rights to the fund, which would have to provide some mechanism of sale. At the same time, the Central Bank did not receive Bonum Capital's petition for the purchase of the "Renaissance," Elvira Nabiullina, the Central Bank's chairman, said in June.

Representatives of Bonum Capital and VTB declined to comment, the Central Bank and Promsvyaz Capital B.V., through which the Ananyevs owned both banks, were not answered.

If the shares of Renaissance are in the perimeter of the provisional measures of the English court, this could become an obstacle to the deal, Tertychny Agabalyan's partner Ivan Tertychny explains. The English court can not block shares in the Russian depository, but the violation of interim measures threatens with criminal liability for contempt of court (within the assets in the UK), he points out. It is unlikely that there will be buyers who would like to go for this, concluded Tertychny.

In an interview with Rossiya 24, Kostin said that VTB had moved far enough to agree a deal with the Central Bank and shareholders, but the bank would never take a dirty asset.

The process of changing the owner is delayed, but this information should not radically affect the bank's customers, analyst ACRA Cyril Lukashuk says: some may withdraw, but in general the risks associated with the uncertain structure of shareholders have already been realized.

Operational control is exercised by the bank's management and the situation has been quite stable since the beginning of this year, Leo Dorf, Moody's analyst, agrees. Therefore, the news that VTB postpones the purchase decision is unlikely to have any impact on the customers and will affect the situation at the bank itself.



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