Vneshprombank: reasons for the collapse of one of the largest Russian banks

Why collapsed the bank serving the state-owned companies, state managers and officials.
Events around Vneshprombank (TBF) developed rapidly. In mid-December 2015 it was reported that as of December 1 BIG broke all capital adequacy ratios due to the fact that after he had to check CB doformirovat reserves.

The bank argued that the very next day restored the regulations due to the capital increase at the expense of attraction of 12% per annum on the subordinated loans of 3 billion rubles. from a group of "O1" Boris Mints.

According to the Central Bank in October 2015 TBF participants were 19 individuals and entities, the largest (approximately 14%) - LLC "Priority", which the beneficiary is listed with the Curacao Foundation. But the bank reported as majority owners always indicated the founder and president of Larissa Marcus (in October it had more than 8%, and about 1% - her brother George Bedzhamova), well-known financier Alexander Zurabov (about 8%), as well as Chilingarov Nicholas, son of the famous polar explorer, politician, member of the board of directors of "Transneft" Artur Chilingarov (less than 1%).

"Marcus has found an investor and absolutely confidently told me that all the problwe solved it closes them all "- says Zurabov. But on December 18 citing a sharp decline in capital and a violation of the regulations, the Central Bank introduced a temporary administration BIG for six months, and from December 22 - three-month moratorium to satisfy the claims of its creditors.

On the night of 18 December 19, Marcus, was detained on suspicion of fraud in large-scale, and December 21 arrested. The bank provides services to large public and private entities in Russia, senior officials, managers and their relatives, discovered the theft of money from the accounts of VIP-clients and asset stripping.

Partners Bank claim that shocked by this development. One of the largest customers BIG - "Transneft" became aware of the problems of the bank only after the message about putting an interim administration, says her representative. It came as a surprise even to Zurabov, whose companies stuck in the BIG money is, "Do what I gave their money from the bank, do not talk about it?"

On October 1, 2015 TBF took 34th place in terms of assets (283 billion ru., Data "Interfax-CEA"). But most importantly - a fantastic concentration in the bank influential clients. Amounts placed TBF state-owned and state agencies - "Rosneft", "Rosneftegas", "Transneft" Russian Olympic Committee (ROC), the structure of the Russian Orthodox Church (ROC). November 1, "Rosneft" was holding in the bank about 10 billion rubles, "Rosneftegas" -.. 6 billion In "Transneft", according to its representative, remained in BIG 9 billion rubles.

On Nov. 1, the VIP-investors (with deposits insured by the state more than 1, 4 mln.) Stored in BIG 27 billion rubles. - More than 37% of all bank deposits. This is a very high figure. were relatives of high-ranking civil servants among these customers (see. incision).

Funding TBF based on the deposits of several major companies, including state-owned, said the deputy director of rating agency Standard & Poor's (S & P) Sergey Voronenko. The Bank grew significantly after 2008 (see. Chart on p. 21) and its resource base significantly enriched this kind of clients just in the last five years, he says.

"Conditions obslIvanov, interest rates in the bank are not much better than the market average. It seemed that Marcus has a communication ", - says Voronenko. "Marcus had a lot of contacts, it is well know how to build them. This can be even judged by the customers who personally kept in bank assets "- confirms Zurabov.

"When I asked Marcus why the Bank has a particular client, she answered: because I'm here, - says another friend with her financier, adding: - Larissa told me that all her communication went from the first place of work."

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"I started working in 1975 at the Ministry of the Navy (18 years, in 1980 she graduated from the Moscow Technological Institute of Food Industry in the specialty" engineer-economist. "-." Vedomosti "), - she told about the beginning of his career in an interview corporate newspaper BIG. - In 1989 I was transferred to the Maritime Joint Stock Bank. During this time I gained experience, gained friends and associates. At some point I realized that I have the strength and capabilities poprobovats himself in his own case. So the idea was born to create a BIG in 1994 ".

A year later, it was founded BIG with a registered capital of 6 million rubles. Among the major structures were like-minded. Archived version of the TBF website called the largest bank participants in 2000-2001. "Sovtransavto" Sakhalin Shipping Company, "Obschemasheksport" Moscow radiozavod "Temp" and state "Zarubezhneft" headed by then current President of "Transneft" Nikolay Tokarev - a longtime friend of President Vladimir Putin.

As a young bank was able to get such a solid party? Familiar Tokarev remembers that first client BIG became the insurance company "pay", which belonged to a friend Tokarev, Vladimir Kushnarev, and his wife, Tatiana. In 2000 Tokarev invited Kushnarev in "Zarubezhneft" as his first deputy for finance, and soon TBF have it among their members. Kushnarev and his wife, and were themselves clients BIG.

The main owners of BIG - Marcus and Bedzhamov sit on the board of directors of the affiliated with the bank Sakhalin Shipping pasohodstva together with his son Andrey Tokarev Bolotov, a member of the Presidium of the Russian Federation of Bobsleigh. It is headed by Bedzhamov.

"Zarubezhneft" has ceased to be among the participants in TBF by 2002

By mid-2008 TBF held the 144-th place in the ranking of Russian banks. But in 2009 he won the tender and became a bank serving the "Transneft" and its affiliated structures. After that BIG has entered the hundred largest banks, and in 2013 was fixed in the top 50 by assets. This cooperation with "Zarubezhneft" and then "Transneft" BIG attracted other major state agencies and officials, according to a former employee of "Zarubezhneft" and a bank customer.

Kushnarev did not respond to questions "Vedomosti", the representative of "Zarubezhneft" reported that the company is no longer a client TBF, and a representative of "Transneft" said the company's comments on the work, not "speculation anonymous sources."

In the same year in the prospectus Eurobonds BIG pointed out that the ultimate beneficiaries of around 60% of the bank are Marcus and Nicholas Zurabov Chilingarov, but none of themowns a controlling stake.

Chilingarov Nicholas insists that his father has nothing to do with the coming in of "Rosneft" Bank (Arthur Chilingarov was a member of its board of directors), because you never have the necessary administrative resources, and he himself was far from the activities of BIG. "My bank has some 0.5%, which I received 10 years ago as a bonus for having helped BIG in one project - told" Vedomosti "Chilingarov Jr. - I've never worked in a bank and was not involved in its management. I do not even know what they were doing. " According to his observations, the bank took the decision Markus always.

"Virtually all of the solutions and the business of the bank have been built with the help and through linkages limited number of people - mainly Marcus and Zurabov - Voronenko said. - We realized that these two major faces defining the strategy and all the business of the bank, and this is not a sustainable business model, which depends largely on personal relationships. "

Zurabov is a past president of the bank "Menatep", Chairman of the Board of Directors "Russian Standard & raquo; and Chief Financial Officer of "Aeroflot". His father, Yury Zurabov, held senior positions in the Ministry of the Navy of the USSR.

Zurabov himself says that "basically controlled Marcus Bank": "De jure - not, de facto, I think she had a controlling stake - including the share of her brother and their companies." A bank's success in attracting clients VIP- he connects with the personal qualities of Marcus, which "was enough contact, was able to talk and build relationships": "After all, in the 90-ies. She was not at all evident, no one had known in the banking environment. "

Zurabov knows that Marcus worked Morinraschete - Minmorflot units involved in the calculations in the currency, but says that she never "nothing" had with his father. Sam Alexander Zurabov then also worked in Minmorflot system, the institute Soyuzmorniiproekt, but Marcus was not acquainted. According to Zurabov, with Marcus, he met in the late 90-ies .: "In my opinion, this happened at a banking conference in Zurich, in 1999, we have someone from her entourage introduced. I worked in the "Aeroflot" and she boreHow many times asked to open accounts in TBF. But "Aeroflot" - this is public money, and I said "no": we have strict selection criteria for banks, bank small you are not subject to them, goodbye. And until 2008 we did not talk business. "

"When Larissa asked me to participate in the bank - as a man who has already participated in three banks, I said, well, ready to the best, but do not expect much from me. After that, the bank began to develop actively - but not because of my arrival, by coincidence, "- he says. Zurabov said that "working away" because he was immersed in the complex innovation projects, initiated by him in 2005-2006. after the departure of "Aeroflot", and have been to the bank once a month, "reports studied, met with the rating agencies and auditors as a shareholder, told them that he was ready to support the bank, and my personal funds have always been proof of that. I invested in the bank's authorized capital in the amount of about 430 million rubles. At first I had a share of about 20%, then it decreased to 7%, because it was a non-core story for me andlonger supported Larisa than he wanted to make something supernatural. "

Companies that focuses Zurabov time - "Basil stem cell bank" and regenerative therapy clinic in St. Petersburg, the NPC "Microcosm" (development of microbial agents for the treatment and prevention of bacterial diseases), because it is the only investor in them. Most companies have been Zurabov accounts in TBF and now means they are blocked, it "Vedomosti" told.
Too beautiful balance

"We do not have a complete picture of what happened - said Voronenko from S & P. - Because before December 1, BIG audited financial statements there were no significant signs of significant deterioration of its financial position with the exception of the growth of accrued but not received interest. " S & P this fact disturbed, as in RAS, the bank, the figure from January 1 to December 1, 2015 increased by more than 2-fold to about 15 billion rubles., Says Voronenko. However, IFRS the bank has "relatively good, even much better than that of comparable bankss competitors, "said the expert.

The agency knew that there is a check TBF Central Bank. "The bank promised to disclose the amount of additionally accrued reserves as only agreed figure with the Central Bank. But then came statements by Russian standards as of December 1, and we saw BIG assessed additional reserves of 6.2 billion rubles. and does not comply with regulations on capital. Arrears on interest was not so dramatic, to an allowance in the amount of half of the bank's capital according to our classification, and about a quarter of the capital - on the classification of the Central Bank ", - says Voronenko.

At BIG was almost too beautiful for a large bank accounts, says another financier, who has studied the activities of the bank. TBF, despite the rapid growth of the portfolio since 2008, showed less than 1% of bad loans - and that in a crisis, he has always been profitable, and liquid assets exceeding 30%, he lists.

The recipe was simple beautiful statements. "Against the assets of large companies such as" Transneft "Novorossiysk Commercial Sea Port (NCSP) in assets reflected BIG correspondent accounts in foreign banks, - gOVOR managing director of bank ratings RAEX rating agency ( "Expert RA") Stanislav Volkov. - The Bank explained that holds funds on correspondent accounts in non-resident banks with virtually no interest income in case the outflow of money large customers. " When in the autumn of last year the Central Bank tested a significant portion of the loan portfolio of BIG, the regulator any question to many borrowers, he continues: "Central Bank suspected that loans worth over 10 billion rubles. issued by technology companies, and demanded assessed additional reserves of more than 6 billion rubles. ". The fact is that, although the Central Bank needs to create up to 50% reserves for loan companies who have symptoms of the technical (few paid taxes, address mass registration director, occupying senior positions in other structures, and so on. P.), Banks have the right to recognize the activities of such companies and the actual charge, for example, only 1% of the reserves and the right to use this TBF, Volkov said.

The November requirement of the Central Bank was the signal for large companies, hastened to withdraw funds from the bank, continues to Wolves. "This has causedblow to the liquidity, followed by large companies agitated VIP-investors and for their funds on correspondent accounts not supported. It is also possible, of the funds on correspondent accounts in non-resident banks was burdened with, and it was impossible to withdraw the money immediately. Also, in cases where the chances of rescue of the bank is not enough, the situation is usually exacerbated the bank's actions to withdraw the liquidity balances of owners, "- he restores the chronology of events that led to the suspension of the activities of BIG.

The high concentration of business has always been one of the weaknesses of the TBF, reminds Voronenko: a few big names accounted for a significant amount of funds for the 20 largest depositors - about 40% of the total liabilities of the bank.
"For their" services

Zurabov said that his personal account in BIG surprisingly lost money - "much more" of its investment in the bank's capital. "I have a statement by the bank at the beginning of December, one amount specified, and according to the balance obtained after two weeks at the time of administration, the amount is different. I wrote forAdding to law enforcement authorities ", - he shared Zurabov to" Vedomosti ". During the test, BIG, according to Forbes, it was found that the accounts of many customers have been charged millions of dollars, and some depositors are also made out loans without their knowledge. Money disappeared from many Zurabov confirms: "Customers have lost more than one billion rubles, think of affected depositors with discrepancies between the extracts and the balance of these ten".

"For us, what happened just a shock - he says, explaining that all who knew Marcus, saw in it a lot of positive human qualities. - Reasons, including human, yet to be established. I, like many other people who knew Larisa, there are more questions than answers. "

Maybe the events occurred, due to which Marcus needed funds Chilingarov says: "I decided to go and then return, I do not think she just took away his pocket [money] - I do not believe." He says that the broker he heads - "Vneshprominvestitsii" LLC, independent of the BIG money, too, hung in the bank. & laquo; Most likely, we will close the company, I already cutting staff. We will return the money to customers, we have them - all in securities, we will sell them, "- said Chilingarov.

"The Bank has worked mainly with VIP-clients, but they are people with big money. Marcus gave the impression of a reasonable person, and sure enough, - says financier familiar with it. - It is therefore difficult to believe that some sort of customer deposit disappeared or he "painted" credit ".

The reason is another, he said. When working with the bank officials or deputies common scheme when gosklientu need to buy, for example, real estate for 500 million rubles., And his official income is not less than 2 million rubles., Continues the source "Vedomosti". To avoid questions where the money, the loan is issued to the client. A corporate credit and deposit schemes, when credit is issued on the company, allows government organizations to withdraw funds on behalf and for the personal benefit of officials - perhaps even for the purchase of privatized assets. "So by the state become personal billionaires "- he argues.

This arrangement works as long as the bank placed a deposit, "otherwise it breaks and loans are not returned," in such a bank as "Vneshprom", no matter who formally shareholder importantly - whom he serves, in the interests of any people and how it works, summarizes the source "Vedomosti". According to him, if Marcus "someone decided to throw", it would have not been in the country, and now it "or release, or very".

Zurabov found it difficult to comment on this: "It's hard to judge because I have not delved into the operational work of the bank and are not familiar with its loan portfolio." According to him, Marcus said that the Central Bank assessed that reserves, for example, loans to solvent companies that have not paid for several months. "But from personal experience I can say that, of course, disappeared from the accounts of money - this is not the scheme, - Zurabov said. - Maybe they were trying to strike a balance by reducing the size of the commitments do not think that was the idea to steal. " Maybe it was the idea back then, but it turned out to be nothing, he says: "I am with mlegged spoke of the victims, and we have no explanation for what happened. "
What will happen to the bank on

On the eve of his arrest Markus met and Zurabov admitted that the bank has a problem, he says: "She told me that there is a potential of the sanatorium, who asks her other personal assets. She is ready to give them, have agreed on everything, and the applicant receives the consent of the Central Bank to reorganize. " They agreed to "meet on the results," but Marcus detained continues Zurabov.

According to him, Marcus did not say if anyone this resort: "But I think it is the same who are now trying to get the right [to reorganize]. They are there two of them, as far as I know: first of all, Mintz and another severely injured [by the suspension of the bank's activities]. "

The regulator further speculates sanitize bank or revoke his license, assures the lender TBF. If readjustment of the decision is made, it can do "O1" Mintz and NCSP continues the source "Vedomosti". However, a unique mechanism is required for sanitation, since the Central Bank is not ready to fully bear the huge cost requireduyuschiesya to reorganize, and sees no economic sense in improving the TBF, he says: "The economic sense in the readjustment see only the creditors." According to him, the gap between the commitments and the value of BIG's assets exceed 200 billion rubles, and in the reorganization may need about 300 billion rubles, of which one third -.. To replenish the bank's liquidity. Hole in TBF really huge - almost 240 billion rubles, says the man heard this amount of control.. Possible such an option: the Central Bank agrees to give cheap loans to all major lenders BIG refinancing for 10 years, and one of the creditors, who will be able to agree on the terms of sanitation to all other creditors, will the procedure and will answer for it before the regulator had heard one of the BIG creditors .

"It is unthinkable!" - Said Zurabov a hole in the TBF. He himself is the information on this point: "I do not know whether the interim administration failed to bring real balance."

Do not know about the numbers and Chilingarov. He says he went to the bank, I saw there a temporary administration, and knows that "sort" on the floorweek should be decided on the fate of BIG: "This is a deadline. We are waiting for what will happen to the bank. "

In the group of "O1" theme rehabilitation BIG declined to comment, confirmed that Mintz - bank lender. DIA referred questions to the Central Bank, which does not comment on the situation in the existing banks. With Marcus lawyers could not be reached.