It seems that no one doubts that VTB will acquire Alfa-Bank. For the first time, information (or rumors) that Alfa-Bank was preparing to sell to another large Russian bank was disseminated by the media at the beginning of the year, and now it seems that these leaks have been confirmed, and in fact the process is nearing completion, as evidenced by a number of facts and personnel changes in Alpha. Mikhail Fridman, Pyotr Aven and other major shareholders of the bank were pushed to such a step by the so-called “Kremlin report”, writes Versiya.
Back in 2017, the owners of Alfa-Bank used many tools to avoid sanctions risks, however, judging by recent events, the owners understand that the bank has become toxic for them, and new sanctions could destroy the financial institution.
In the spring, experts named Sberbank, VTB and Uralsib among possible buyers of Alfa, but personnel changes in it indicate that the process of the bank's transition to VTB structures is nearing completion.
Take, for example, the fact that at the beginning of the month, Vladimir Verkhoshinsky, who is directly related to VTB, was appointed the first deputy chairman of the board of Alfa-Bank. After his appointment at Alpha, the process of personnel renewal immediately began. By the arrival of VTB's protege, Alfa has also updated its marketing team, and in November, the head of the Treasury department, Igor Knyazev, and the chief operations officer, Maria Shevchenko, will leave the credit institution.
In addition, Alexei Giyazov, a native of Sberbank, joined the ranks of Alfa-Bank's top managers and became marketing director, as reported by the Banksta Telegram channel. According to the editors of the authoritative channel, which at one time predicted the collapse of the so-called banks. "Moscow Ring", Gref's protege was sent, apparently, in order to balance the VTB team in case of a possible takeover.
According to experts, the merger of Alfa with VTB says only one thing: in Russia, the monopolization of the banking industry continues, the lion's share of which is already controlled by financial institutions with state participation. All this, in their opinion, can lead to a drop in interest rates on deposits, and to their growth on loans, and in general to a decrease in the quality of services provided to the population.
A lot can be said about the banking system in the Russian Federation, and here it is worth paying attention to the report of Fitch Ratings analysts. Their report says that the intention to delay the introduction of Basel III requirements (a new international reporting form that obliges banks to have more own funds. - Approx. Auth.) on capital additions to domestic banks will negatively affect their creditworthiness. This will reduce the rate of strengthening of their capitalization, which means that the Central Bank can be influenced by large state-owned banks, which require more time to complete their tasks.
Why would Andrey Kostin buy the bank of Mikhail Fridman living in London
Rumors that Alfa-Bank could be sold to another major player appeared in early 2018. Today it is clear that this process is not far from completion. The publication of the “Kremlin report” made the bank a toxic asset for Mikhail Fridman, Petr Aven and its other largest shareholders. They made the choice between Russia and the West five years ago, now it remains to settle the formalities.
Founder of Alfa Group ( owns more than 75% of Alfa-Bank) Mikhail Fridman I don't like the attitude towards Russian billionaires in London and Washington. " We are perceived as Russian oligarchs no matter what we do… In the West, there is a very simplified idea of Russia, just like in Russia about the West: Russia is oligarchs, and all oligarchs are agents of the Kremlin”, Friedman complained in an interview with Forbes magazine. But who specifically offended a simple Russian banker in a foreign land?
Met like a stranger
Mikhail Fridman's emotions are understandable. He actually broke with his homeland, lives in the UK and is its tax resident. And they still consider him an outsider. Although it is possible that during an interview with a Russian business magazine, Fridman recalled a very specific story, or rather, two stories. We are talking about the interrogations that his longtime partner, the president of Alfa-Bank, underwent upon arrival in the United States. Peter Aven.
Sources " Our version» say that during the next routine trip to the United States, Aven had to answer uncomfortable questions from employees FBI. Agents met a respected businessman right at the airport and, not allowing him to rest after a long flight, dragged him for many hours of interrogation. Like some terrorist. For Petra Avena, who, by the way, is an honorary citizen of Oklahoma, such a meeting was a complete surprise. Well, if it was an isolated case! During Aven's next trip to America, history repeated itself.
Mikhail Fridman and Peter Aven
The FBI's interest in the identity of the Russian banker and his partners is understandable. Mikhail Fridman, Peter Aven and another co-owner of Alfa-Bank German Khan mentioned in the dossier of a former British MI6 agent Christopher Steele. In the United States, this document, we recall, formed the basis of the proceedings regarding the possible interference of Russia in the presidential elections. Others would be happy in their place - they served their native country, and you can get an award. But, since at least half of the business of Alfa Group owners is located in the West, the sanctions have become a serious threat to them.
In 2017, even before the appearance of the so-called "Kremlin list", the leadership " Alfa Bank» has made titanic efforts to minimize sanctions risks. The Friedman and Aven Bank, in fact, ran ahead of the locomotive in order to transfer defense loans to the sanitized Promsvyazbank. Market participants say that Alfa was ready to transfer loans at a large discount - if only faster. However, subsequent interrogations Petra Avena in the USA they point out that this did not help the case. Apparently, the president of Alfa-Bank and its largest shareholders understand that new sanctions can simply kill this credit institution.
Yes, Alfa is one of the eleven systemically important banks in Russia, which account for more than 60% of banking sector assets. Well, so what? Unlike the rest of the participants in this list, most of which are state-owned banks, the brainchild of Fridman and Aven will not be saved by the government. So, they urgently need to get rid of the toxic asset.
The process is underway
In the spring, analysts named several possible interested parties who were allegedly eyeing Alfa-Bank. Among these were Sberbank, VTB and Uralsib. Today we can say with confidence that the brainchild of Friedman is in the process of being transferred under the control of managers from VTB. So, in early October, a native of VTB was elected the first deputy chairman of the board of Alfa Vladimir Verkhoshinsky. This event did not become a sensation. Verkhoshinsky came to " Alfa Bank» in August and took up the position of chief managing director to begin with. Following this, the Bank began a rapid renewal of personnel. At this point, the credit institution has updated the marketing team. In November, the bank plans to leave the chief operating officer Maria Shevchenko and the head of the Treasury block Igor Knyazev.
Biography Vladimir Verkhoshinsky contains an important detail: in 2011, when VTB bought the Bank of Moscow, the young manager moved to this structure, and immediately became vice president. In 2016, the Bank of Moscow was reorganized by joining VTB, and Mr. Verkhoshinsky was elected a member of the board. It can be assumed that in the case of the accession of Alfa-Bank, the process will go much faster - it seems that it does not need to be sanitized.
Planned evacuation
It is likely that after the merger with VTB, the current president " Alfa Bank» Peter Aven finally leave the territory of the Russian Federation. It appears that he and his associates began preparing their evacuation from Russia long before the imposition of sanctions. Recall, for example, their sale of shares in a Russian oil company TNK-BP in 2013. The beneficiaries of Alfa-Bank received for their share in it about 14 billion dollars, with this money they created an investment fund in Switzerland L1 Enegry, the purpose of which was the purchase of oil and gas assets around the world.
If Alfa-Bank comes under the control of VTB, this will mean further monopolization of the banking sector in Russia, a significant share of which is already controlled by the largest credit institutions with state participation. And this means that the Russians may face a decrease in deposit rates, an increase in interest rates on loans and a deterioration in the quality of banking services.
Head of VTB Andrey Kostin
But there is another important point. According to a number of experts, the "merger" of the two banks will be carried out through the exchange of shares between interested parties. VTB can redeem a share Alfa Bank» for money, but for most of it Friedman, Aven and other owners can receive VTB shares, which they can then sell or pledge. If the situation develops according to this scenario, then the "locomotive of the people's IPO" under the leadership of Andrey Kostin will fall in price again. According to the rules of the market, the absorbing company almost always loses some of its value. But do Kostin and the managers of the sanctioned state bank have anything to do with the market price of his shares? It seems that they consider the Russian government the sole owner of VTB, and therefore they will again ask him for money for, let's face it, not the most necessary deal. What's stopping VTB occupy a niche Alfa Bank" now? And will the experience of a private credit institution geared towards a different, market efficiency, be of any use to the state bank?
Alexey Privalov
October 17, 2018 15695The second decade of the new century brought and fixed the term “toxic asset” in the lexicon of businessmen, which can poison the life of even an oligarch. This unpleasant fact and its consequences faced the owners of Alfa Group, who, after the publication of the “Kremlin report”, were forced to make hasty and radical decisions. Alfa-Bank is not on the sanctions list, but Petr Aven is.
One of them, according to insiders, is the transfer of Alfa-Bank under the control of VTB, and the process is already close to the final. What will this mean for the banking sector?
The intrigues of the State Department and the undeservedly offended oligarchs
For years in a row, Russian rich people withdrew money to the West, invested it there in profitable local projects, honestly registered as tax residents and hoped that one day they would become “their own” here. Not to your liking, but to your wallet, having generously paid for the hospitality of the British and American, as well as receiving unspoken indulgences on the origin of capital.
It was all the more insulting to find out overnight on a personal skin, and not just in business, that this turned out to be a lie, for which Western gentlemen do not feel guilty in principle.
Look at how convenient the wording is: all the rich Russians in the West are oligarchs, and the oligarchs are all agents of the Kremlin, otherwise they would not have been allowed to get rich and leave with all this here, to London and Washington. So, you can "dispossess" strangers, you just need a reason.
In the case of Pyotr Aven, the president of Alfa-Bank, this resulted in many hours of interrogation by the FBI, to which he was dragged right from the landing plane. The honorary citizen of Oklahoma did not even think that he would be equated almost with terrorists, and after that they would “take it on a pencil” - the Americans really liked detaining and interrogating the banker during his subsequent business trips.
But then Aven, but the more cautious Mikhail Fridman, the main shareholder of Alfa-Bank, sensed the danger in advance and in 2017 launched a storm of activity to transfer his assets to Promsvyazbank. Because by that time it was obvious that there would be new sanctions, and the Kremlin was not going to lend a helping hand to the oligarchs, contrary to the opinion of the collective West.
And Friedman, who had almost half of everything acquired overnight on someone else's territory and under the greedy glances of his "partners", ceased to reckon with losses. The transfer of Alfa-Bank's assets was carried out as quickly as possible, because there was no illusory danger of losing more than one bank in the event of a new sanctions strike.
History has shown that the head of Alfa Group turned out to be a visionary. He personally, along with Aven and co-owner of Alfa-Bank Herman Hunt, were found in the dossier of the ex-MI6 employee, Christopher Steele, on which the “Kremlin report” was later concocted.
An almost official accusation of interfering in the US presidential election in 2016 is a nightmare for an oligarch, a pretext for sophisticated provocations and repressions. Parting with Alfa-Bank became inevitable.
Power is changing
Alfa-Bank is one of the 11 systemic banks in Russia that control 60% of the banking sector, so its liquidation or major problems will rebound on the country's economy. But the state is not going to directly rescue Fridman's former assets either, this procedure has been left to the bankers themselves.
According to rumors, interest was shown in Uralsib and Sberbank, but the prize eventually went to VTB
This is associated with the name of Vladimir Verkhoshinsky, who in August of this year unexpectedly received the position of chief managing director at Alfa-Bank. And in a matter of weeks, he managed to deploy a large-scale personnel update, which resulted in a significant personnel update. In November, the last ones will leave the institution - the head of the Treasury block, Igor Knyazev, and the operating director, Maria Shevchenko.
Verkhoshinsky himself, now the first deputy chairman of the board of Alfa-Bank, and he confidently leads the bank to its allotted place in the structure of VTB. The route is known and tested, in 2011, when buying the Bank of Moscow, it was Verkhoshinsky who led and brought a similar operation to a victorious end.
However, then they acted measuredly, stretching the process for 5 years, but now the work is going on in an emergency mode. The reason for this is not only the sanctions against Russia - the problems, rather, are not with the bank, but with its former owners, and they are ready to hand over assets without bargaining. Easy prey.
In the near future, most likely, the Russian banking sector will be almost entirely dominated by financial institutions with state participation.
And this, according to some experts, will finish off the sprouts of competition in the industry, worsen the quality and availability of banking services. The market specialization of Alfa-Bank is seriously different from the profile of VTB, and it is not certain that the new management will retain this niche for the bank. On the other hand, the temptation to absorb competitors with giblets, taking advantage of the current situation and without looking back, promises big changes, but little good for the end consumer.
The latest news for today indicates that Alfa-Bank may soon be sold. Information about the implementation of the credit organization has been discussed for more than a month. VTB, Savings Bank of Russia, Uralsib or another financial institution can buy Alfa-Bank.
Alfa-bank can be sold to another bank
The reason for the sale may be the complexity of working with contractors. This banking structure served the majority of Ukrainian politicians whose accounts were frozen. Because of the freeze, the credit institution itself suffers first of all. Also, this bank is credited with connections with Firtash, Yanukovych and other criminal personalities.
Also, the need to sell the bank may be associated with the arrest of one of the shareholders. He was accused by the Federal Bureau of Investigation of lying about Moscow's interference in the US presidential election. According to the latest news, today the rates and profitability during the execution of deposits have become completely unprofitable. Some analysts and economists are sure that a merger between Alfa-Bank and VTB may happen soon.
The experts noted that there is a possibility of imposing sanctions against the holders of the bank's securities. Because of this, there is a threat of business separation. In early August, it became known that one of the members of the VTB board would become acting chief executive officer of the bank. Vladimir Verkhoshinsky noted that he was glad to join the team of Alfa-Bank's best economists. He shared his primary goals with the employees. The expert is sure that it is worth doubling the market share and becoming a leader in new technologies.
From August 1, a banker from VTB should lead Alfa-Bank
The banker noted that the credit institution has great potential, a good team, so success is close. He did not rule out the possibility of a merger between Alfa-Bank and VTB. According to the results of the work of the institution for the first 3 months of 2018, the banking structure occupies the 5th position in terms of the number of assets (two and a half trillion rubles).
The VTB President noted that the 37-year-old banker is a professional and talented leader who will be able to take Alfa-Bank to a new level. He added that he wishes his colleague success and believes in him. Verkhoshinsky was employed by VTB 9 years ago. He has been responsible for overseeing strategic issues, corporate improvement and development. For 4 years he was deputy chairman of the board of the Bank of Moscow (it was VTB that sanitized this structure). After the merger of the Bank of Moscow from VTB, the economist began to deal with the retail business of the state bank. Verkhoshinsky is known as a banker, economist and prudent worker who is well versed in the country's economy.
The latest news today talks about malfunctions in the application for mobile phones from Alfa-Bank. Users have noticed that the application is buggy, unable to log into the system. Some clients noted that they could not conduct a transaction from a personal account. It is not the first time that the bank's clients have encountered malfunctions in the program and the official website. The management of the structure explained why there were failures, and also reported that the problem was fixed.
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Alfa-Bank has completed the reorganization of the Chelyabinsk branches of Severnaya Kazna Bank: one of these days, the last credit and cash office at Komsomolsky Prospekt, 2a will open after repairs. As a result of the merger with the Ural bank, Alfa-Bank's presence in the Southern Urals has expanded significantly: today, nine credit and cash offices of the bank serve customers in Chelyabinsk, and a branch has been opened in Magnitogorsk. The leaders of Alfa-Bank spoke about the plans for business development in the region and the new opportunities that the merger of banks will bring to customers at a press conference held yesterday.
The deal to acquire the Yekaterinburg bank Severnaya Kazna was closed on December 1 last year, but the process of integrating the banks' business has almost been completed. Over the past three to four months, branches and offices of Severnaya Kazna Bank in Yekaterinburg, and then in all cities of presence, were closed for short-term repairs in order to acquire a new look in accordance with Alfa-Bank's corporate identity. However, the most large-scale and important changes are connected not with the change of signs, but with the merger of the banks' businesses. So, now the transfer of settlement accounts of corporate clients and deposits of individuals to Alfa-Bank is in full swing.
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“We tried to simplify the procedure for opening a new current account as much as possible and make the transition to Alfa-Bank services as comfortable and painless as possible for Severnaya Kazna’s corporate clients,” says Natalya Alemasova, Alfa-Bank Operational Office Manager, Chelyabinsk. – So, in particular, the bank offers enterprises with a wide network of counterparties not to waste time notifying business partners about the change of details, but to conclude a special agreement on the automatic transfer of incoming funds to new accounts. The balance is transferred daily and without paying additional fees.
All deposits of enterprises and organizations opened with Severnaya Kazna Bank will remain until the end of the term on the same terms. More than two thousand Chelyabinsk enterprises and organizations that were clients of Severnaya Kazna Bank are now served in the renovated offices of Alfa-Bank, where they are greeted with a smile by already familiar accountants and economists.
“We tried to retain the staff of the bank, because, in addition to a high level of professionalism, they are distinguished by a quality that is considered as a basic corporate value in Alfa-Bank - love and respect for customers,” explains Member of the Management Board of Alfa-Bank, Head of the Retail Business Block Alexey Marey.
For private clients of Severnaya Kazna Bank, the merger of banks also did not turn into a headache and anxiety. In April, the consolidation of ATMs was completed, and today Alfa-Bank's ATM network in Chelyabinsk already has 60 devices installed mainly in large stores and shopping and entertainment centers, while 16 ATMs operate around the clock.
“Today, the merger of ATM networks has been completed: having a Northern Treasury plastic card in their hands, customers can make a loan payment without commissions or deposit money into an account and through ATMs with the Alfa-Bank logo,” says Dr. Natalya Voronkova, Director for Retail Business, Chelyabinsky Operations Office, Alfa-Bank.
According to her, in April, more than two and a half thousand Chelyabinsk residents who received loans from the Northern Treasury have already applied to the Alfa-Bank branch for a plastic card in order to make loan payments through an ATM. It should be noted that the bank has developed unique discount programs for plastic card holders, which allow them to receive discounts and other pleasant bonuses for non-cash payments for purchases in seventy stores in Chelyabinsk. In autumn, according to Alexei Marey, the bank will offer new interesting "co-brand" projects that will expand the range of opportunities for Alfa-Bank cardholders.
“The bank will not raise interest rates on loans already issued – this jeopardizes trusting relationships with customers,” says Alexey Marey. - As long as retail loans are on the balance sheet of Severnaya Kazna, there is no need for private clients to re-register loan agreements today - the mechanism for transferring the loan portfolio to Alfa-Bank is still being developed. So nothing has changed for the borrowers, it is still their responsibility to make loan payments on time.”
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According to Alexey Marey, if the bank's client finds himself in a difficult situation for objective reasons - due to the loss of a job or a sharp decrease in wages - the bank is ready to consider the possibility of restructuring the loan debt on an individual basis. “Much depends on how conscientiously the client fulfilled the obligations to repay the loan: if all previous payments were made without delay, but now there are temporary difficulties, the bank will find a way to help overcome them.”
Private clients who have opened a deposit in Severnaya Kazna Bank today have the opportunity to transfer a deposit to Alfa-Bank for the same period while maintaining the same profitability. As Aleksey Marey explained, deposit agreements will be terminated ahead of schedule with payment of the full deposit amount and accrued interest on the date of termination, which will allow customers to capitalize the accumulated income on the deposit, and then the funds will be transferred to a new deposit in Alfa-Bank. It should be noted that many clients decide to reissue deposits by choosing a higher interest rate on deposits in rubles, which Alfa-Bank can offer for the seasonal Spring deposit or the new Pobeda deposit. Alfa-Bank's line of deposit products also has unique offers: for example, the My Safe deposit implies free disposal of funds with the possibility of withdrawing and depositing any amount, while interest income is accrued monthly on the minimum account balance. Account holders can access funds at any time through an ATM, call center or Internet banking and make any transactions. A “Multicurrency” deposit can be opened in one of three currencies – rubles, dollars or euros – and quickly, without loss of interest, convert funds, including remotely, without contacting a bank branch, and receive additional investment income due to the difference in exchange rates.
