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In 2017, the market for mergers and acquisitions of banks has reached a new quality. Most notable in this market, the players (a group of "Opening" and b & n) has acquired new banks mainly through the mechanism of readjustment. However, now they have become objects of emergency recovery. Does such a fate other banks-sanatory?
the Main Russian private banks-sanatory in the fall of 2017 forced themselves came under reorganization, passing under the control of a new major market participant — Fund the consolidation of the banking sector the Bank of Russia. Given the fact that given for the resolution of banks at yesterday's leaders in the market of mergers and acquisitions have become serious problems in the area risk unwittingly and other credit organizations, has become in recent years a sanator.
Sovcombank + "Express-Volga"
In September, 2015 investor for the rehabilitation of the Bank "Express-Volga", formerly financial group, Probusinessbank "life" was the Sovcombank. This acquisition was not the first nor the last to Sovcombank. So, at the end of 2013 it became known about buying financial institution 100% shares of GE money Bank, a Corporation G. E. At the end of December 2014 Sovcombank agreed to purchase the Russian subsidiary of the Indian ICICI Bank, later renamed Modern Commercial Bank (SKIB).
among the latest deals Sovcombank it should be noted the acquisition of JSC "Metcombank"; former Russian "daughter" of the Turkish Garanti Bank Garanti Bank — Moscow; Modelbank (currently the share of Sovcombank in the capital of the credit institution is 24%). In addition, from 2015, the Bank increases its stake in RosEvroBank, which is currently made up of 19.53%.
On October 1, 2017, the assets of Sovcombank (665,4 billion) is almost three and a half times the assets of the rehabilitated Bank "Express-Volga" (198,1 billion). Both credit institutions for the first nine months of 2017 received a fairly decent net profit of 5.2 billion rubles from "Express-Volga" and 6.8 billion rubles have Sovcombank.
the balance of "Express-Volga" has a number of notable features. The share of overdue debt in loan portfolio of the reorganized Bank is nearly 80%, but the portfolio is reserved by 87%. Therefore, we can say that all possible risks on loans are already reflected on the balance sheet of a financial institution. However, the loan portfolio is only 2.2% of the assets of the Bank (4.4 billion rubles). Main part of assets, "Express-Volga" form of investments in securities (60,4%) and the reserve rates (32.6 per cent) — together 184,1 billion.
Such a structure of assets is almost entirely Ponderosa interbank loans constituting 86,3% of the liabilities, or 170,9 billion. It can be assumed that these funds were borrowed (including under REPO transactions) from the turnaround — Sovcombank (although directly this information is not disclosed in the explanatory information to reporting "Express-Volga"), as the latter the entire amount issued by MBC at the same reporting date amounted to an appropriate value by 180.2 billion. The volume of these transactions on the balance of "Express-Volga" is growing: over the past year, investments in securities increased by 61.4% (+45.5 billion rubles) and was fully funded by interbank loans (+47,8 billion rubles, or +38.7 per cent).
there is a reasonable question about the need of economic redevelopment of the Bank, which customer business today, in fact, is symbolically represented by the funds on accounts and deposits in the amount of 5.9 billion rubles, and loans for 4.4 billion rubles, and the remaining balance of intercompany transactions with its investor. For Sovcombank, the situation in the Bank "Express-Volga" primarily bears the market risk associated with an impressive position on the bonds on the balance sheet last. In that case, if a substantial part of the company, issued by Sovcombank, really have to "Express-Volga", the concentration of this risk will reach almost three capital of Sovcombank, which is an impressive figure.
the Chairman of the Board of PJSC Sovcombank Dmitry Gusev commented on the situation for the Banks.ru:
— "Express-Volga" is the only rehabilitated the Bank, which are completely absent in illiquid assets. With the exception of the inherited requirements Probusinessbank, but there is redundancy at a faster pace. Today, more than 2/3 of the "hole" in the Bank's capital is restored, which is three times ahead of the schedule laid down in the resolution mechanism. We really created on the Bank's balance sheet a substantial portfolio of first-class bonds as quickly as possible at the expense of income from these securities to close the hole completely and attach AWB to Sovcombank.
the Main task of rehabilitation is not an independent business development rehabilitated Bank, and the payment of all debts to all creditors and effective recovery of troubled assets. The most important thing — not to steal, not to shift the funds in illiquid assets of questionable market value. We openly and successfully implement this approach, the DIA has returned about 20% of the funds received and, of course, will refund the rest. Convinced that "Express-Volga" is not just a reliable source of refund ASV and the Central Bank, but the best model of a fair, efficient and transparent recovery.
SMP Bank + Mosoblbank
Among the major banks, have been subjected to in recent years recovery, one cannot ignore Moscow Regional Bank (Mosoblbank), which together with the Finans Business Bank (FBB) and Investment Republican Bank (Inresbankom) moved for the rehabilitation of SMP Bank in 2014.
Later, in April 2016, the Inresbankom was annexed to the Moscow Regional Bank.
Mosoblbank is notable for the fact that it still remains among the "leaders" in terms of negative equity (on October 1, 2017, the rate was 124.6 billion rubles), behind only the Bank "FC Opening", the Growth of Bank NB "the trust". In addition, the assets of rehabilitated Mosoblbank (513,9 bln rubles on October 1, 2017) is almost one and a half times the assets of its turnaround, SMP Bank (355,6 billion).
a quarter of the liabilities of Mosoblbank on October 1, 2017 was formed by interbank funds — 127,5 billion. According to the Bank's financial statements according to IFRS for the first half of 2017, just over 80% of the involved Bank IBC were shareholder of SMP Bank. Simultaneously, the assets of Mosoblbank comparable in the aggregate amount of funds provided in the form of MBK, all the same SMP Bank (43.8 billion rubles) and in the form of loans of the company "stroygazmontazh" (39.5 billion before provisions), controlled by one of the shareholders of SMP Bank Arkady Rotenberg.
Even more remarkable, what attracts Mosoblbank funds from SMP Bank's average effective interest rate of 5.86% per annum and provides them in the form of loans parent Bank and the company at the rates of 7.25% and 13% respectively. It is not surprising that such pricing within the group net profit of Mosoblbank in the first nine months of 2017, two and a half times higher than that of SMP Bank 5.5 billion and 2.2 billion rubles, return on assets of 1.46% and 0.88%, respectively.
you Need to add that he also SMP Bank also actively lends to its shareholders. According to its consolidated financial statements (which includes balance sheet data and Mosoblbank) at the end of the first half of 2017, the aggregate amount of loans to shareholders and other related parties, was 73.6 billion (at a rate of 13.1% per annum) — almost a quarter of the total portfolio of loans to customers before deduction of reserves. That is more than half of this amount was provided to shareholders through Mosoblbank. The result with a rehabilitated Bank that does not have the need to comply with regulatory requirements of the Central Bank, the investor has the opportunity to increase lending to related parties without prejudice to their own standards.
in Addition to the loans of the parent organizations, the balance of Mosoblbank, there are other loans (total portfolio on October 1, 2017 220.5 billion, or 43% of assets), but their main part is an overdue debt exceeding at the reporting date, half of the portfolio. Note that from June 2014 (after the Bank moved to reorganize SMP Bank) the most significant increase in the passive database Mosoblbank demonstrated interbank loans (+127,5 billion), i.e. mainly funds from the investor. In assets and almost the same increase in absolute terms, showed arrears (+110.0 billion rubles).
During the same period the amount issued by MBK (attributable mainly to the group of SMP Bank) increased by half (+21.2 billion rubles), which in absolute terms corresponds to an increase of the single market source in liabilities to individuals (+16.2 bn RUR, or +17,3%; funds of legal persons, constituting over one third of liabilities, 95% of the resources generated ASV).
Raises questions and the quality of the securities portfolio, which amounts to nearly a quarter of the assets of Mosoblbank (118,9 billion). Thus, a significant part of the portfolio form of Eurobonds, only half of which the Bank regularly uses REPO transactions. If at the beginning of 2017 98.7% of the portfolio of Eurobonds (as pledged in the REPO, and not encumbered) was represented by securities with a credit rating category of "BB-/BB+" by the end of the first half of 88.9% of the Eurobonds have been brought to the papers of a lower category of credit quality — single B ("B-" to "B+").
In a press-service of SMP Bank commented:
"the Rehabilitation of MOSOBLBANK OJSC is in compliance with the financial recovery plan(PFD) approved by the Bank of Russia and the closure of the losses of previous years is ahead of PFO. Mosoblbank is one of the few examples of banking sanctions, where the Bank of Russia and ASV officially approved the financial recovery plan. The Bank is actively developing its own independent business and customer base.
the Increase in currency of balance of Mosoblbank due to the recovery of obligations for off-balance sheet deposits, with financial assistance from the Deposit insurance and the formation of a portfolio of high quality assets that generate income.
Negative equity is the result of a single recognition by the Bank of problem assets inherited from the previous owners and the formation of the relevant reserves in the initial period of readjustment. These problem loans have been identified after the inspection, the DIA together with JSC "SMP Bank". A substantial amount of commitments not reflected in the financial statements. After the inspection, the distortion in the financial statements was eliminated and the formed reserves.
In the process of financial rehabilitation of the Bank, routinely have formed a significant portfolio of first-class securities that have high liquidity and are included in the Lombard list of the Bank of Russia. Taking into account the lack of Mosoblbank appropriate licenses of a professional participant of the securities market, transactions with the market are carried out through the mediation of JSC "SMP Bank" as a settlement agent. Thus, the recorded aggregate balance counter transactions in the interbank funding between JSC MOSOBLBANK JSC "SMP Bank" are in fact the SWAP transactions (the Fund transactions in the relevant currency), REPO, actually held on the external market at market conditions
All transactions with related parties, including companies controlled by the shareholders of SMP Bank, are in full compliance with regulatory requirements, taking into account all existing restrictions. In terms of transactions with LLC "stroygazmontazh" we note that the company identified as a General contractor of large infrastructure projects. Mosoblbank is defined as a Bank conducting banking maintenance projects and as required provide the necessary funding.
TKB + ITB
In October of the current year in the media appeared information that Transcapitalbank (TCB) is preparing a new plan for the improvement of Investtradebank (ITB), in which the turnaround required the prolongation of the loan in the amount of 19.5 billion rubles received from the DIA in 2015 for the salvation of the ITB. In particular, it was reported that TKB was asked to revise the terms of the loan in connection with the preparation of the updated plan of reorganization of ITB and the maturity date was initially extended by three months.
the Balance Investtradebank really has not undergone any improvements since the beginning of the healing process of the credit institution. So, from November 2015, after ITB was transferred to the rehabilitation TKB, arrears in the credit portfolio of the first have increased more than three times (+29.2 billion rubles) and its share has increased from 20.2% to 71.3% of the portfolio at the reporting date. The negative value of capital increased more than 10 times, amounting to 1 October 2017 to almost 5 billion. At the reporting date, loan portfolio of the ITB is reserved only 18.4%. The increase in reserves to the level of delay suggests a potential dosoznanie reserves almost 32 billion rubles.
However, there is on the balance of the ITB and are quite liquid assets. So, according to its IFRS financial statements as at 30 June 2017 40.8 billion rubles in the form of interbank loans and cash assets accounted for transactions with shareholders, that is lying in the accounts in Transcapitalbank. It turns out that, formally, ITB has the necessary liquidity to repay the loan TKB and even holds these funds on accounts and deposits of the latter, but before the group could use half of the money. It is not excluded that this situation is due to the fact that the funds are used as the only pillow of liquidity to meet obligations of ITB to private investors. Thus, in liabilities of the ITB in addition to the funds from TCB and ACB there is an impressive amount of deposits of physical persons — 53 billion rubles, or nearly 40% of liabilities. We can only guess what will be the new plan of sanitation of Bank. However, while the impression that to pay off the loan in its recovery of the ITB on forces only by means of new investors.
In a press-service of TKB Banks.ru said: "the Assumption that the group is unable to use her available in more than sufficient liquidity to repay debt to the DIA, is completely untenable. After the procedure recovery Investtradebank in the balance was reflected the real situation that logically led to the deterioration of its indicators. Negative capital mainly due to the immobilization of the allowance that appears in the formulation of the balance of compensation in the form of recovered assets in the context of work with distressed assets. During recovery, the Bank returned distressed debt worth more than 6.5 billion rubles, prevented the withdrawal of assets from the balance in the amount of 4 billion rubles. More than a third reduced costs, and within the group of the unified product line".
to be Continued...
the Information and analytical service Banki.ru
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