The Moscow Arbitration Court removed the last significant obstacle to the acquisition of VTB Bank Vozrozhdenie. From the arrest, 36.31% of the bank's shares were withdrawn, for which the buyer granted guarantees to the court for 4.4 billion rubles. Taking into account these costs, the seller, formally favored by Bonum Capital, will receive about 6.6 billion rubles. At the same time, the deal will close later than planned, VTB, the owner of Vozrozhdenie, may only become in late October.
The Moscow Arbitration Court on September 24 withdrew the arrest from 36.31% stake in Vozrozhdenie bank, imposed on the suit of Promsvyazbank (PSB) against several offshore companies allegedly owned by brothers Dmitry and Alexei Ananiev. The court agreed to "unfreeze" the shares of Vozrozhdenie, as VTB provided collateral in the form of guarantees for 4.4 billion rubles. As reported by "RIA Novosti", during the meeting, a representative of Cypriot offshores owning this stake, said that the valuation of securities held by KPMG, which is part of the "Big Four" audit companies.
Bank Vozrozhdenie, like the PSB, until recently belonged to the brothers Ananyev. At the end of 2017, the Central Bank started the reorganization of the PSB, and also ordered the brothers to reduce the share in the "Renaissance" to 10%. In February, bankers announced that the banking business had gone to Dmitry Ananyev. Now he allegedly owns about 91% of the shares of Vozrozhdenie (formally the bank is registered for offshore). Later, the intermediary, the Bonum Capital fund, appeared in the sale of the bank. In mid-August, VTB reached an agreement with the fund to purchase 75-91% of the bank's shares (see "Kommersant" on August 15). Until recently, this sale was hampered only by the arrest of 36.31% stake in the bank, which was imposed by the Moscow court in February. The parties expected to resolve this issue and close the deal in September.
The amount of the transaction for the purchase of Vozrozhdenie was not previously disclosed either by VTB or Bonum Capital. However, from the information released at the court session, we can conclude that 100% of the bank's shares are valued at 12.1 billion rubles. Given that on August 1, the capital of "Renaissance" was 29.9 billion rubles., The parties estimated the bank at about 0.4 capital. For comparison: currently Sberbank shares are traded on the stock exchange based on the assessment of the bank above one capital. Accordingly, 91% of the shares of Vozrozhdenie will cost VTB 11 billion rubles. The source of Kommersant, close to one of the parties to the deal, confirmed the correctness of the calculations.
Analysts also rated the "Revival" and the rating agency "Expert RA" (see "Kommersant" on August 20). "In the case of this bank, the complex structure of the transaction execution, the complicated structure of the bank's ownership, bearing the corresponding legal risks, and the forced nature of the sale have a significant impact on the cost," explained Alexander Sarayev, Managing Director for Banking Ratings Expert RA.
At the same time, experts believe that VTB will pay Bonum Capital only 6.6 billion rubles. "It is unlikely that VTB, providing a guarantee to the court for 4.4 billion rubles, took the risk of losing these funds," believes Alexor Antonov, an analyst at Alor Broker. "Probably, the value of the transaction is reduced by this amount." A spokesman for Bonum Capital declined to comment, as did the Renaissance press service. VTB did not respond to the "b" request for a transaction value. But they reminded their statements that the deal will take place if the asset is cleared and guaranteed against all legal consequences and requirements. Accordingly, the court's decision is "one more step towards the completion of the transaction". However, one of the sources of Kommersant explained that, contrary to the original plans, it will be closed a month later than expected - around the end of October.