Turkish banks started to withdraw assets from Russia

Ishbank halved its assets, Credit Europe Bank began downsizing.
Origin source
On 1 December 2015 on 1 January 2016 Ishbanka assets ( "daughter" of Turkish bank Turkiye Is Bankasi) decreased by 44.7%, to 15.3 billion rubles. In the other five banks with the participation of Turkish workers in Russia (Credit Europe Bank, Garanti Bank - Moscow, Moscow Yapi Kredi, Ziraat Bank Moscow, ProCommerce) is not observed such a powerful asset reduction (see infographic.). In ProCommerce assets decreased by 6%, from Credit Europe Bank - on 1,6%, from Ziraat Bank - by 0.1%. At Garanti Bank - Moscow and Yapi Kredi Bank's assets, on the contrary, increased - by 8.9% and 7.9% respectively. Overall, the assets of the Russian banking system from 1 December 2015 on 1 January 2016 increased by 5%. This is evidenced by statistics of the Central Bank, which acquainted "News".

Ishbank and Garanti Bank in December received losses: 193 300 000 rubles and 176 million, respectively, the rest of the banks made a profit. Garanti Bank Moscow is part of a group of Turkiye Garanti Bankasi, «Ziraat" belongs to State Bank TC Ziraat Bankasi (99,91%) and insurance state-owned Ziraat Sigorta (0,09%). Credit Europe Bank is controlled by Credit Europa Bank NV (Netherlands), whose beneficiary - Turkish busiHüsnü Ozegin changed. The Moscow branch of Yapi Kredi Bank is controlled at 40,83% UniCredit Bank Austria, a member of the Italian UniCredit group, and 40.83% of the Turkish group Koç (the remaining publicly traded). Shareholders ProCommerce (according to his statement) - Turkish citizen Sipahi Haktanyr (66.63%), Elizabeth Sidorova (10.53%), Ekaterina Stepanova (10.28%), citizens of Turkey Ismet Nedim Qashqai and Haktanyr, each of which controls at 4.76% of the shares of society. All these banks serve both individuals and legal entities, offering deposits, money transfers, loans, cash management services, operations on the bond market and others.

The largest Turkish bank with shareholders - Credit Europe Bank, it is in the top 60 largest banks in Russia (133 billion assets) and is the exclusive partner of Auchan Group, IKEA and Metro Cash & Carry. Hüsnü Ozegin also owns Russian leasing company "Credit Europe Leasing" stores Marks & Spencer, Gap and Banana Republic, School of English Wall Street. Other banks with Turkish participation are not included in one hundred largest by assets.

In the "News" inquiry, none of the banks did not respond, citing theunwillingness to comment on the political relations between Russia and Turkey. According to close to Credit Europe Bank source, the conflict between the two countries could lead to the departure of banks with Turkish participation of the Russian Federation - despite the fact that they operate under Russian law and imposed sanctions on the banking sector do not apply. The interviewee noted that Credit Europe Bank has already started to reduce staff.

According to the December estimate Deputy Prime Minister Mehmet Simsek, Turkey's total losses from the sanctions imposed could reach about $ 9 billion in 2016, or 0.3-0.4% of GDP. Şimşek said that the most serious threats to the Turkish economy are reducing the flow of Russian tourists (according to the Russian Union of Travel Industry, in 2014 there visited 3.3 million tourists in the first half of 2015 - 1.03 million, 26% less than in the same period of 2014, after sanctions had stopped the flow), as well as Ankara's dependence on Moscow in the energy sector.

According to the analyst Narek Avagyan, the Turkish businessmen in Russia and Russian in Turkey seek to avoid the possibilityGOVERNMENTAL mutual political risks.

- In most cases we are talking about business-frozen, - says Avagyan. - In addition, the Russians, probably, will now actively get rid of Turkish assets and withdraw money from banks with Turkish participation. On one property only Turkey could lose up to $ 6 billion in direct losses, accounting for nearly 1% of GDP. Due to the relatively low dependence on Turkey, the Russian economy will not suffer.

Head of the analytical department of the bank BKF Maxim Osadchy, on the contrary, I am confident that the conflict with Turkey yet subsided, and therefore may be able to avoid the exodus of Turkish banks in Russia.

According to the head of the investment consulting practice FBK Roman Konigsberg wrong place additional administrative burden on the people who have entrusted their Russian investments, invested not only money, but also time to establish economic ties with Turkey.

- It is surprising to expect after this great desire of foreign investors, and not only Turkish, invest in Russian assets - sure Kenigsbep. - Bank - an infrastructure that depends on the state of his clients. Banks focused on servicing Russian-Turkish foreign economic trade, may experience difficulties in reducing it and even prevent the loss, although detrimental performance is now characteristic of many Russian banks.

Given the fact that the Turkish banks have mainly served the Turkish companies doing business in Russia, they are waiting for hard times - analysts say.

- In fact, many Turkish companies were expelled from the Russian market. First of all, it concerns real estate developers. Also hit by the Russian embargo those Turkish companies that exported their agricultural products to Russia. Surprisingly, the drastic reduction of assets was only one Ishbanke. The reason for the reduction Ishbanka assets was the decrease of interbank loans (minus 49.9%, or 6.4 billion rubles in December) and funds of enterprises and organizations (minus 74.3%, or 6.5 billion rubles), - says Maxim Osadchy.

He recalled that on 17 December 2015, four Turkish banks in Russia had nrovedeny raided on suspicion of money laundering. Reciprocal steps by Turkey towards Denizbank, Sberbank Turkish "daughter", was not. According to the audit partner of "2K" Tamara Kasyanov as Russian authorities have not yet spread anti-Turkish sanctions on the financial sector, the Russian credit organizations operating in Turkey at the moment is not in danger. Savings to the request of "Izvestia" did not respond, but previously reported that Denizbank has no problems with activities in Turkey.