Svyaznoy Bank CJSC is a federal credit institution. He has licenses of the Central Bank, the Federal Financial Markets Service, a professional participant in the securities market, as well as the issuance of plastic cards Visa, Mastercard. For a long time, the organization functioned well. But in 2014, Svyaznoy Bank announced a default. What problems did the financial institution encounter, and how real is the real threat, read in more detail in this article.
History
Svyaznoy Bank was established on the basis of AK Promtorgbank. The latter was organized back in 1992 and for a long time was one of the reliable institutions serving industrial enterprises. In 2010, the Svyaznoy Group and the aforementioned credit institution as part of a strategic partnership created a universal bank. Since the beginning of operation (October 2010), Svyaznoy Bank has gradually developed its card business and expanded its circle of customers. The main shareholder of the institution is the holding company Trellas.
Svyaznoy Bank: problems
On November 10, 2014, one of the companies of the Onexim group sent Nogotkov (then chairman of the board and owner of the holding) a default notification. The loan was secured by Trellas Enterprises Ltd. It was used to manage all the assets of SC Svyaznoy. Two days later, a notification appeared that 90% of the shares were controlled by Onexim and NPF Blagosostoyanie. At the same time, the transaction price was symbolic - 1 ruble per security. Svyaznoy Bank could not prevent a default. It is worth noting that the company's assets include not only a credit institution, but also the same name retailer, online store, the portal SVOY.RU, a network of Pandora salons. Although jewelry stores were not included in the deal.
What problems does Svyaznoy Bank have?
The default occurred due to overdue payables. The company could not cope with the 2014 crisis.
In the fall of 2013, Onexim and Svyaznoy groups agreed on the possibility of creating a financial holding company from a mobile retailer, a bank, an insurance company, and Renaissance Credit Bank. Then Nogotkov received a loan of $ 100 million with a maturity date of 11/01/2014. Then this amount increased by another 20%. It was she who could not be paid by Svyaznoy Bank. The default, according to Nogotkov, was formed due to the plight of the company, the difficult economic situation in the country and beyond.
Due to the decisions of the antimonopoly service in the market of mobile operators, competition has decreased. After the reform changes, Svyaznoy lost 1.6 billion rubles in profit. from the sale of pension funds. A way out of the situation could be to buy the transfer of ownership of the company to MTS. But this deal, scheduled for September 2014, fell through, as the main shareholder - the owner of the mobile operator - was made under house arrest.
Bad business model
Experts believe that the problems arose due to incorrectly prioritized. Having unleashed a price war with Euroset, Svyaznoy fell into the same trap as its competitor in 2008. He borrowed too much, focusing only on revenue, and not on net profit. But the market situation changed, the crisis dragged on, and the company began to have serious problems.
Development of events
Earlier, Sberbank, Promsvyazbank and Globex acted as creditors of the company. All of them pledged shares of Trellas - the main shareholder of Svyaznoy Bank CJSC. The default, formed due to default, now gives the right to all creditors to pick up collateral. NPF Blagosostoyanie has already taken advantage of it when it received a 15% stake in Trellas.
In mid-March, Promsvyazbank received permission from the Federal Antimonopoly Service to acquire a 51% stake in Svyaznoy NV. As of November 2014, the company's debt to a credit institution amounted to 6 billion rubles. But then a statement appeared that Promsvyazbank was not going to buy out the company.
Closure of Svyaznoy Bank
The hustle and bustle around a credit institution only hinders the restoration of financial condition. After the news about the default appeared only in the first two days, investors took a little more than 8 billion rubles from their accounts. At the same time, rumors spread that Svyaznoy (the bank) was trying to solve the problems through reorganization. However, later this information was denied in a press release. According to representatives of the bank, the loan portfolio, the amount of equity (10.7% of the required securities of 10%) have not changed much, the instant liquidity ratio is 4 times higher than the minimum value (15%). The bank continues to operate as usual according to the old business model.
In December 2014, the institution received a 11 million euro subordinated loan from Finprombank and the Alliance group. According to preliminary estimates, this amount was supposed to provide a minimum value of the capital adequacy ratio (N1) for several months. But at the end of February, H1 dropped to 9.81%. Then the leadership of the credit organization turned to shareholders with a recapitalization plan in the amount of 5 billion rubles. Without this money, throughout 2015, CJSC Svyaznoy Bank will experience problems. Withdrawing cash from a deposit and applying for a loan can be problematic for customers. The plan also included a schedule for receipt of payments for the whole year. The largest amount (1.1 billion rubles) was required already in March, and in the following months - 300 million each. But due to the constant change in the list of shareholders, negotiations on additional capitalization did not begin.
Bank sues former owner
In June 2015, Svyaznoy Bank filed a lawsuit. The credit institution intends to recover from Nogotkov 120 million rubles that were provided for their own needs. The debt maturity date came a few months ago. But the requirements of the bank were not met.
Conclusion
The closure of Svyaznoy Bank is one of the popular topics for discussion. After information about the default of the company of the same name, numerous lawsuits around the credit institution, an unfavorable information background formed. Due to the created panic, depositors began to collect their deposits from their accounts en masse. For stable operation, the bank needs additional capitalization. But due to constant changes in the list of shareholders, negotiations on this issue have not yet begun. Without these funds, the bank may begin to have problems with meeting the capital adequacy ratio.