Markin confirmed the transition to work in the “RusHydro”



The General-the major of justice Vladimir Markin

Photo: Anton Belitsky/Kommersant

Former official representative of the Investigative Committee will come to fill the post of first Deputy General Director

The General-the major of justice Vladimir Markin, freed by the decree of the President of Russia from office of the official representative of the Investigative Committee of Russia (TFR) has confirmed that will join the holding company “RusHydro”, reports TASS.

“Yes, I confirm,” — said Markin in response to a request to confirm the rumors about his appointment as first Deputy General Director of the energy holding.

Informed on Friday “Interfax” citing a source reported that a former representative of the RCDS will begin work in “RusGidro” already next week. “New job Markin is to deal with relations with authorities, media, as well as to oversee the management of the Affairs of the company”, — said the Agency interlocutor.

Vladimir Markin headed the Department of interaction with mass media of the TFR since September 2007. On September 21 it filed a resignation.

The source of RBC, close to one of the offices of the FSB, saidthat the fate of Markina, like his boss, the Chairman of the RCDS Alexander Bastrykin, “was to be decided after the election, but recent scandals involving the press-Secretary of the Department “the last straw”.

Two weeks before that, the journalist “the New newspaper” Hope Trusenkova and the special correspondent of “Kommersant” Ilya Barabanov said Markin, in his book “The loudest crimes of the XXI century in Russia” has used their lyrics without permission and mentioning the source. Later issued the book publishing house “Eksmo” declared that the book was published without reference to excerpts from the media due to a technical error, and brought Markin apology.

Markin himself then confirm the message sources refused, saying only that he had “several offers“. “I chose one of them, but will report on it only when I leave the Investigative Committee and will receive a new appointment”, — he promised.

Putin signed a decree on the resignation of Vladimir Markin



Vladimir Markin

Photo: Eugene Novozenina/RIA Novosti

Vladimir Markin dismissed the Investigative Committee. Resignation he filed in late September

President Vladimir Putin dismissed the official representative of the Investigative Committee of Russia Vladimir Markin. The corresponding decree published on the official portal of legal information.

“To release from a post the General-the major of justice Vladimir Markin Ivanovich, head of Department of interaction with mass media of the Investigative Committee of the Russian Federation”, — the document says.

Markin himself on Friday published on its Twitter page excerpt from the song of Igor Talkov “I shall return”: the “sigh of Relief enemies, But friends say: “Tired.” Wrong and those and others — a halt…”.

September 21, Markin filed a resignation. As reported by RBC source in the government, Markin, is likely to be in the “RusHydro” and will come back to work after two weeks.

Markin himself didn’t say where he plans to continue the work, stating only that “there were several proposals” about their future employment. “I chose one of them, but will report on it only when I leave the Investigative Committee and will receive a new appointment”, — he promised.

His resignation Markin explained that he believes executed his mission. “I worked in the Investigative Committee since the first days of its formation — more than nine years. I believe that together with the team built the information policy, has established a systematic work. I believe that my mission is complete, so I decided to try a new field,” he said, refuting the hypothesis that the resignation is connected with achievement of age limit.

The source of RBC, close to one of the offices of the FSB, has linked the resignation of Markina scandals surrounding his name. Journalists of “Novaya Gazeta” and “Kommersant” accused him of plagiarism after the release of the book “The loudest crimes of the XXI century in Russia”. Responsibility for the publication of pieces of texts without reference to the source, took over the publishing house “Eksmo”, and the Markin said entrusted work on a book professional writers.

Markin was born in 1956 in Chelyabinsk. In 1985, he graduated from the faculty of journalism of Moscow state University and then worked as a correspondent of the newspaper “Evening Chelyabinsk”. He then moved to Moscow, where he worked on radio and later on television. Management of interaction with mass media of the TFR Markin headed in September 2007. In 2011, he was promoted major-General of justice.

The defense Ministry admitted the return of Russian bases in Cuba



Large anti-submarine ship of the Northern fleet Admiral Chabanenko sails into the harbour of Havana, Cuba, 19 December 2008

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The defense Ministry is considering the return of the military bases in Cuba and Vietnam, which existed in the Soviet years, said Deputy Minister Nikolay Pankov

The Russian defense Ministry is considering the possibility of returning the military bases to the countries where they were situated during the Soviet Union, Cuba and Vietnam. This was stated to journalists in the state Duma the Deputy Minister of defense Nikolai Pankov, reports TASS.

“We engaged in this work. We see this problem,” — said Pankov, answering the question whether the military to return to base in such countries as Vietnam and Cuba.

The Deputy Minister said he did not want to drill down on this question, writes “RIA Novosti”.

At the end of April of this year deputies from the Communist party Valery Rashkin and Sergei Obukhov sent a letter to President Putin, foreign Minister Sergei Lavrov and defense Minister Sergei Shoigu proposal to resume work at the center in Lourdes, and place in Cuba, the Russian missile systems. MPs were reminded about the US plans to place missile launchers HIMARS type in the South-East of Turkey.

Soviet military base in Cuba — electronic center in Lourdes — was commissioned in 1967. It was located in the southern suburbs of Havana and served as the main first the Soviet and then the Russian electronic intelligence center. In 2001, the President of Russia Vladimir Putin announced the elimination base at Lourdes, the output database was implemented in August 2002.

Russia considered the possibility of restoring the base in Cuba. The negotiations on this issue have intensified in early 2014 — after the events in Ukraine, from-for which Russian-American relations deteriorated sharply. In July 2014, “Kommersant” reported that Moscow and Havana reached an agreement in principle on the return to the use of Russian radio-electronic center in Lourdes.

Base in Cam Ranh Vietnam gave the USSR rent free in 1979, in subsequent years, it was based on 17th operational squadron of the Navy. Base allowed the Pacific fleet to control the South Pacific and the entire Indian.

On the withdrawal of troops from a base in Cam Ranh Putin announced simultaneously with the decision on the Cuban base in 2001. In 2013 Russia and Vietnam signed an agreement to establish a joint base for the maintenance of submarines in Cam Ranh Bay, and a year later — the rules of use of Russian warships to this database in a simplified manner. From 2014 in Cam Ranh Bay served by planes Il-78, providing air refueling of the Tu-95MS bombers.

The Central Bank will add 220 billion rubles for payments to depositors of bankrupt banks



Photo: Andrey Rudakov/Bloomberg

The Board of Directors of Agency on insurance of contributions (ASV) approved request to the Bank of Russia with a request to increase to 220 billion rubles the amount of the loan to ensure the financial sustainability of the Deposit insurance system

The Bank of Russia will increase the limit on the loan to the DIA Deposit insurance Fund (DIF) at 220 billion rubles, told RBC press service of the DIA. “At the meeting of the Board of Directors approved the appeal to the Bank of Russia with a request to increase to 220 billion rubles the amount of the loan to ensure the financial stability of system of insurance of deposits”, — told RBC DIA.

As of October 7, unused with Agency loan balance of Bank of Russia is 156 billion rubles in the framework of the previously approved limit of 600 billion rubles.

The increase in the credit limit of the Central Bank is necessary to ensure the adequacy of Fund reserves, stressed the Finance Ministry. “Calculations show that, I guess I’ll have to do it, you have a limit raise in excess of that approved by <…> Here is the most important for us — with a lot of deliberately to ensure sufficiency of the Fund. Therefore, it is better we will increase the limit and then not use it, than it will turn out that we limit is not raised, then the money is not enough” — said at a briefing on 23 September, Deputy Finance Minister Alexey Moiseev (quoted by “Interfax”).

The original size of the credit line from the ASV, the Central Bank amounted to 110 billion rubles., then it has been increased several times. In particular, in March 2016 it was increased to 420 billion rubles, in 2016 it rose by 180 billion roubles to 600 billion roubles. With the latest increase the credit limit of the Central Bank rises to 820 billion rubles.

In the savings Bank believe that given the new loan provided by the Bank, additional liquidity, the DIA will last until the end of the year. “Next year will need new loans,” says senior managing Director and chief analyst of Sberbank Mikhail Matovnikov. He notes that the regulator and the market is actively discussing the increase in contributions to FSV. “Bail-in, the Central Bank does not want to enter, the rates of the deductions previously discussed. Our position is that the increase in contributions will further hit the profitability of banks, and collect a lot of money will come. Real opportunities lie in improving the collection of funds in the process of collecting the assets of insolvent banks. If the DIA paid to depositors 1 trillion rubles will be able to return at least 60% (at the same legal entity will not get anything), then the debt to the Bank will be back” — says the analyst.

The decision to increase the credit limit of the Central Bank for the DIA shows that the regulator is determined to continue the process of cleansing of the banking market, the Chairman of the Board of SDM Bank Maxim Solntsev. In this sense, according to him, the strategy of the Central Bank did not change after personnel changes in its leadership.

According to ASV at the beginning of October 2016, since the creation of the DIA 2.67 million depositors received insurance indemnity in the amount of 1.12 trillion rubles.

The Central Bank will add 220 billion rubles for payments to depositors of bankrupt banks



Photo: Andrey Rudakov/Bloomberg

The Board of Directors of Agency on insurance of contributions (ASV) approved request to the Bank of Russia with a request to increase to 220 billion rubles the amount of the loan to ensure the financial sustainability of the Deposit insurance system

The Bank of Russia will increase the limit on the loan to the DIA Deposit insurance Fund (DIF) at 220 billion rubles, told RBC press service of the DIA. “At the meeting of the Board of Directors approved the appeal to the Bank of Russia with a request to increase to 220 billion rubles the amount of the loan to ensure the financial stability of system of insurance of deposits”, — told RBC DIA.

As of October 7, unused with Agency loan balance of Bank of Russia is 156 billion rubles in the framework of the previously approved limit of 600 billion rubles.

The increase in the credit limit of the Central Bank is necessary to ensure the adequacy of Fund reserves, stressed the Finance Ministry. “Calculations show that, I guess I’ll have to do it, you have a limit raise in excess of that approved by <…> Here is the most important for us — with a lot of deliberately to ensure sufficiency of the Fund. Therefore, it is better we will increase the limit and then not use it, than it will turn out that we limit is not raised, then the money is not enough” — said at a briefing on 23 September, Deputy Finance Minister Alexey Moiseev (quoted by “Interfax”).

The original size of the credit line from the ASV, the Central Bank amounted to 110 billion rubles., then it has been increased several times. In particular, in March 2016 it was increased to 420 billion rubles, in 2016 it rose by 180 billion roubles to 600 billion roubles. With the latest increase the credit limit of the Central Bank rises to 820 billion rubles.

In the savings Bank believe that given the new loan provided by the Bank, additional liquidity, the DIA will last until the end of the year. “Next year will need new loans,” says senior managing Director and chief analyst of Sberbank Mikhail Matovnikov. He notes that the regulator and the market is actively discussing the increase in contributions to FSV. “Bail-in, the Central Bank does not want to enter, the rates of the deductions previously discussed. Our position is that the increase in contributions will further hit the profitability of banks, and collect a lot of money will come. Real opportunities lie in improving the collection of funds in the process of collecting the assets of insolvent banks. If the DIA paid to depositors 1 trillion rubles will be able to return at least 60% (at the same legal entity will not get anything), then the debt to the Bank will be back” — says the analyst.

The decision to increase the credit limit of the Central Bank for the DIA shows that the regulator is determined to continue the process of cleansing of the banking market, the Chairman of the Board of SDM Bank Maxim Solntsev. In this sense, according to him, the strategy of the Central Bank did not change after personnel changes in its leadership.

According to ASV at the beginning of October 2016, since the creation of the DIA 2.67 million depositors received insurance indemnity in the amount of 1.12 trillion rubles.

The pound experienced the strongest drop after the referendum on Brexit



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Forex factory news

The British pound against the dollar within two minutes fell by more than 6%, reaching the minimum level of 1985. Trigger reduction were the words Hollande on the tough stance of Brussels talks

The pound against the dollar in currency trading in Tokyo on Friday morning in two minutes fell by 6.1%, showing the strongest decline since the June referendum in which the British people voted for the country’s withdrawal from the European Union, reports Bloomberg.

At a minimum the rate reached $1,1841 a pound — so cheap the British currency was not worth since March 1985. Later the dynamics changed a bit: according to 10:10 GMT, the pound was worth $1,2437, losing in the price of 1.42%.

At least one electronic trading platform on Friday morning recorded the purchase of the British currency at the rate of $1,1378 per pound, writes Bloomberg with reference to the traders, who asked to remain anonymous. The Agency Reuters writesthat on some commercial sites the pound for a few seconds, lost about 10% of the cost falling from the $1,2600 to 1,1378.

Bloomberg called the incident “the two minutes of chaos” and noted, with reference to the interviewed traders, the situation could worsen for the contracts trading robots.

Earlier, French President Francois Hollande said that the EU must maintain a strong position in relation to the UK, after the Prime Minister of the Kingdom Theresa may has promised to start the procedure of “divorce” with the EU by March 2017. Forex Club senior analyst, Alena Afanasyeva admitted that the words Hollande has accelerated the decline of the British currency.

Trigger reduction were the words of françois Hollande Brussels, which expressed a tough stance against London in the negotiations on Brexit, I agree the managing Director of “Nord-Capital” Mikhail Khans.

“According to rumors, the reason for that large erroneous trades on sale, which pulled all the stops on the way down in a very illiquid Asian market”, — said Afanasiev. In addition, the time of the incident raises many questions, she added. “Between the closing of the American market and the opening of Tokyo always celebrated low liquidity, and it is at this point worked a major deal. It even inspired talk about the hand of Soros, who was once the pound dropped, correctly selecting the appropriate time,” said the analyst.

According to the khans, after the pound of all levels of technical support trading robots operating on the basis of inherent in them algorithms, have dramatically increased sales of the currency.

“Crash — 2:07 GMT, that is, active trading in futures began only in Australia and New Zealand. All last week the pound was slightly lower, and as a result of the action trading robot, which all support”, — he said.

On 4 October, the pound fell against the dollar to $1,2737 per pound, and a day later, on 5 October, the British currency against the Euro dropped to a five year low. In July 2016, experts of Bloomberg recognized it as the worst currency of the world, noting the strongest since the beginning of the fall of the pound against the dollar.

Exchange rate of the Euro fell to the lowest level since November 2015



Photo: Oleg Yakovlev/RBC

The Euro against the ruble has updated at least one year, falling to 69,37 rubles. It is the lowest figure since the end of November 2015. The strengthening of the ruble occurred against the backdrop of the rising cost of oil

Exchange rate of Euro during trading on the Moscow stock exchange has decreased against the ruble to RUB 69,37, updating at least since November 2015. Then the minimum figure was 69,06 RUB/€1.

The ruble strengthened against the background of rising world oil prices. Yesterday cost of futures for oil of mark Brent with delivery in December 2016 for the first time in four months rose above $52 a barrel.

As of 19:42, the Euro was 69,32 RUB, 0.82% below yesterday’s closing level. The maximum value of the Euro at auction Moscow exchange amounted to 69.94 RUB.

The dollar fell to RUB 62,11, the maximum value of the currency amounted to RUB 62,48 as of 19:42 the dollar is 62,15 RUB, which is 0.45% below the closing level.

“On Thursday, the pair dollar/ruble fell to a minimum 62,11 to RUB against the background of the passage of oil quotations a new high since June this year. However, to keep the ruble failed, and by the end of the day, the ruble against the dollar has returned to the mark of 62.3 RUB,” — said a senior analyst IK “Veles Capital” Yuri Kravchenko.

According to him, on 7 October, the markets will focus on data about the labor market in the United States. “If the price of oil will maintain the positions above $52 per barrel, we can not exclude new attempts to strengthen the ruble in the direction 62 RUB against dollar”, — the expert believes.

19:22 MSK cost of a barrel of Brent on the ICE exchange is $52,46.

The IMF said the risks for a quarter of the banks in the US and Europe



Photo: Natalia Seliverstova/RIA Novosti

Despite the economic recovery, the situation of the third of European banks and 25% of the us remains weak and vulnerable to low inflation and interest rates. IMF calls to reform the sector to avoid a protracted crisis

More than a quarter of banks in advanced economies (with total assets of nearly $12 trillion) remains in a weakened state, despite the recovery of the global economy in recent months, and are vulnerable to continuing economic risk, experts of the International monetary Fund.

Low inflation and interest rates, weak activity in capital markets, increased capital requirements, the excess volume of non-performing loans and other problems and risks led to a serious fall in the profitability of banks. As stated in the report “global financial stability”, published on 5 October, despite the decline in risks in the short term, increasing medium-term risks that inhibit the increase of profitability (low margin over time can reduce the reserves of banks and undermine their ability to sustain growth), and increase the risk of a gradual slide into economic and financial stagnation.

IMF urges financial sector as soon as possible to solve the problem of low profitability due to structural reforms and stressed the need to adapt it to the era characterized by low growth and low interest rates, and to changes in market and regulatory environment. The organization also calls on the authorities to take measures to strengthen market confidence and intensify growth in the world economy as “negative rates are approaching the limits of its effectiveness, and side effects of low interest rates increase in respect of banks and other financial institutions in the medium term,” and warns that the financial stagnation can lead to a drop in global production at around 3% until the end of 2021.

The economic recovery will not help

As explained in the report from April (when the April issue of the report) had eased short-term risks to global financial stability. In particular, prices for commodities rose from their minimum values at the beginning of the year and the ongoing adjustment in emerging market countries contributed to the restoration of capital flows. Problems associated with slower growth in China, lost sharpness on the background of measures to stimulate economic growth. The countries of Europe in turn adopted measures to mitigate the monetary policy that has supported asset prices and caused some recovery of risk appetite, and gradually adapted to Brexit. In emerging markets due to the moderate recovery in prices for raw materials and improvements in external conditions (lower interest rates and increase in investment opportunities), increased movement of capital. The IMF, in particular, have improved the Outlook for Russia and Brazil.

But, despite this, increasing medium-term risks. In particular, due to the continuing slowdown in the global economy, financial markets expect low inflation and low interest rates for a long time and also transfer to normalization of monetary policy at an even later date. In many countries, [which, the IMF does not specify] is plagued by political instability: a strengthening of social inequality and lack of income growth “opened the door to populist policies with a focus on isolation”.

The IMF stresses that these risks complicate the solving of the crisis problems, make the markets more vulnerable to shocks, and increase the risk of a gradual slide into economic and financial stagnation. In such circumstances, financial institutions difficult to maintain balances in the normal state. The cyclical recovery of the economy though, and helps address the problem of low profitability, but it is not fully able, according to experts of the organization.

Risk of a quarter of banks

The IMF reviewed the state more than 280 banks, representing more than 70% of the entire banking system of the United States and Europe. According to the organization, more than 30% of European banks with total assets of $8.5 trillion and 25% of U.S. banks with assets of $3.2 trillion, even if economic recovery remains weak and will not be able to receive a steady income. Low profitability may, over time, reduce the reserves of banks and weaken their ability to support growth.

C risk caused by slower growth and low interest rates, also face pension funds and insurance companies. These risks threaten their solvency on a par with the problems associated with population aging and low yield assets. “The increased concern regarding these organizations working with long-term savings and investment, could provoke even greater savings and thereby enhance the effect of the financial and economic stagnation,” analysts fear the IMF.

That suggests the IMF

According to experts the IMF, banks must adapt to the conditions of slow growth and low interest rates due to the reduction of large amounts of inherited bad loans and optimization of balances and sectoral structures. “This will require adjustments to outdated business models to maintain profitability and adapt to the new realities of work and regulatory requirements,” the report says.

In some cases, the weak banks will have to stop working, and banking systems to reduce their scope, experts of the IMF. According to them, it is necessary that the remaining banks had sufficient loan demand to ensure a dynamic and robust banking system that will be able to build and support its increased capital reserves and liquidity.

The authorities can help banks to reduce the volume of bad debts, bringing the end of the reform of financial regulation without a significant increase in the total capital requirements while sustaining a stable level of capital. “Financial markets benefited from the recovery of the propensity to risk taking as a result of unprecedented measures taken by Central banks. Although to sustain a recovery still requires accommodative monetary policy, a more comprehensive package of economic policy measures would ease the growing burden on Central banks,” the IMF experts said. The main beneficiaries of such measures will be of Greek and Italian banks, the report noted.

In the Eurozone, in particular, the IMF considers it necessary to reduce the excess of bad loans and to eliminate insufficient capital to weak banks. “The sale of problem loans as a result of such reforms will lead to the fact that the net impact on the cost of capital will change with the loss of
the amount of around €80 billion on growth in €60 billion,” the report reads. The IMF also believes that the optimization of the Federal networks of banks could reduce their costs by approximately $40 billion.

To strengthen the balance sheets of insurers and pension funds, the IMF calls on the Supervisory authorities, in particular, to determine the risks of insolvency and funding gaps in the medium term and at the same time to strengthen a program of reforms to strengthen standards on internal models and
the basics of capital and increasing transparency.

New Europlan: why the Gutseriev family—shishkhanova combines the assets



The Head Of Binbank Mikhail Shishkhanov

Photo: Alexander Utkin for RBC

The Gutseriev family—shishkhanova will combine their pension and insurance assets on the basis of her belonging to a leasing company Europlan. This will increase its capitalization and to borrow for other businesses

Financial group Safmar (previously group BIN), manages the assets of the family Gutseriev—Shishanov, began the process of combining their non-financial assets on the basis of the company “Europlan” said RBC shareholder Safmar and the head of Binbank Mikhail Shishkhanov. According to him, the combined company will include three main areas: pension business, leasing and insurance.

“We plan to pay for technical issue to Deposit in PJSC “evroplan” owned by us shares of TSC, as well as 100% stake in NPF “Safmar”. VSK insurance company belongs to Sergey Tsikalyuk (51%); 45% stake in the company in may 2016 purchased FG Safmar, paying for the transaction by assets of IC “BIN Insurance”.

Leasing company “Europlan” was purchased in 2015 structures of Mikhail Shishkhanov and Mikhail Gutseriev funds Baring Vostok and Capital International. Shishkhanov through Еuroplan Holdings Ltd (Cyprus) owns 51% shares of the company, still a 15.5% stake in the leasing company controlling the group’s funds BIN: NPF Doverie, NPF “European pension Fund”.

The Association will be completed by the end of the year. The banking group of the Bank in the perimeter of the transaction will not be included. As a result, he expects, the market will be a public company with a market capitalization of over 60 billion rubles. and not rated below BB-. “Such financial structures in the Russian market there,” — said Shishkhanov RBC.

According to the head of the Department for corporate financing of the company “Finam” Igor Belasova, increase the capitalization of the “Evroplan” will support the company’s shares traded on the exchange. He believes that, despite the consolidation of pension, insurance and leasing business within the same financial structure, will not affect the operating activity “Evroplan”. “On the contrary, by optimizing the management structure of the company will be able to improve their performance,” — said the financier.

In the first half of 2016 “evroplan” showed a net profit under IFRS in the amount of 1.32 billion rubles, which is 64% higher than the same period in 2015.

Head of group Finance ACRES Kirill Lukashuk stressed that the allocation of non-banking financial business in a separate holding can be a step towards improving the sustainability of the whole group. “The banking business remains the most regulated and the most cyclical, in terms of risk profile, particularly given the current economic situation. “Therefore, from the point of view of the investor, for example, the design of a Bank holding company would be more sensitive to changes in the financial position of the Bank”, — said the expert.

From consolidation to SPO

He did not rule out that for increasing the capitalization of the company “Europlan” can spend additional placing of shares on the Moscow stock exchange until the end of 2016. However, after additional placement of shares of “Evroplan” group “Safmar” will remain its majority shareholder, he said.

In December 2015 the company has already placed 25% of its shares on the Moscow stock exchange, selling 3.2 billion rubles On the Moscow exchange estimates, the free float of shares of the company is 23%. Later part of the assets “Evroplan” were purchased by pension funds of the group BIN. This follows from the disclosure of “Europlan”. Sberbank CIB analysts then noted non-market nature of the transaction. “Such investments are not best meet the interests of customers, and there are signs of conflict of interests of customers and owners of pension funds”, — quotes their words to the newspaper “Vedomosti”. According to the publication, the funds could invest in “the Europlan” has more than 3 billion rubles. pensions on the basis of market quotations of the company.

For the NPF, which controls Shishkhanov, it’s a small deal. According to the Central Bank on June 30, 2016, the total assets of NPF Safmar amount of 185.6 billion rubles, including 177,3 billion rubles of pension savings. Given the NPF Doverie, which also belongs to the structures shishkhanova, all pension assets of the group amount to 258 billion rubles.

Fitch analyst Alexander Danilov believes that in case of carrying out SPO “Evroplan” his buyers can make including pension funds, as, for example, in the case of placement of shares of PSB, he says.

“I do not exclude that if the company will come to the SPO, the share of minority shareholders may increase. I don’t think many will take advantage of the offer for sale of shares, since the company’s securities is liquid enough and show growth. We have the expectation that in the next year or two, this growth will continue,” says Balasov.

Wednesday, October 5, stock quotes “Evroplan” on the Moscow stock exchange fell by 0.6% to RUB 660 continues to Drop from Tuesday, when top management of the group Safmar held a meeting with analysts and investors, where, in particular, announced a plan to consolidate non-Bank financial assets. Starting in 2016, the shares of leasing companies rose by 89 RUB

To take cheaper

Market participants and experts note that expected after the completion of the consolidation process of the financial assets the growth of capitalization of “Europlan” is not associated with the funding requirements of the company. Danilov from Fitch says “evroplan” given its high levels of capital and profits and a relatively low debt burden does not require additional investment. Capital of the company at 30 June of the current year compared to capital as at 31 December 2015 has increased by 12%, to 12 billion rubles.

Balasov notes that the additional placement of the shares “Evroplan” will not have a significant influence on quotations of its shares.

Managing Director of corporate ratings RAEX Pavel Mitrofanov said that the growth of capitalization of “Evroplan” will allow the company to increase its public debt. “Given the high rating of the company at level BB – to borrow at a lower rate in the market from other structures owned by Gutseriev—Shishkhanov, will not work. They simply do not have such a rating. To create a new public company is long and expensive,” — said the expert.

In this Mitrofanov does not exclude that the results obtained from investors can be directed to other projects not related to leasing, pension or insurance business.

Top Manager of a large investment company reminds that now “evroplan” intends to place 10-year ruble bonds for RUB 5 bn, the order Book is scheduled to open on Thursday, October 6.

Until the company has reduced borrowing. In particular, since the beginning of 2015 the volume of attracted credits decreased by almost three times, to RUB 3.3 billion Volume of circulating bonds of the company decreased from 14.49 billion to 11.8 billion rubles.

“Most likely, Shishkhanov need to quickly raise funds in other financial projects of BIN group. For example, in the banking business, which in the current situation is always in need of capitalization”, — said the interlocutor of RBC.

Mikail Shishkhanov — RBC: “the holding’s Capitalization will exceed 60 billion rubles.”



The Head Of Binbank Mikhail Shishkhanov

Photo: Alexander Utkin for RBC

Mikail Shishkhanov, large-scale tested strategy of large transactions in the market of mergers and acquisitions in the past year in the banking sector, this year plans to merge their non-banking assets. In an interview with RBC he explained the reasons for its decision.

— Why did you decide to make public all their financial company?

We have several goals. To create an effective and sustainable business structure that will continue to invest in financial assets with high credit rating. Then in the Association we see significant synergistic effect, in terms of cross-selling and competences of the companies that will be included in the holding.

In addition, we want to be transparent and clear to the regulator and investors. And finally, we strive to provide them a return on their investment of 10 to 15% per annum. I think that’s really done taking into account the profits which shows our leasing, insurance and pension business. The band Safmar the creation of a financial holding company, whose shares are traded on MICEX — it is also a good way of raising capital.

— How ambitious will the emission of shares of “Evroplan”? And how will this affect its capitalization?

— The amount of the emission depends on the valuation of our stake in VSK and NPF Safmar. Now it is carried out the audit of the company from “big four” (PricewaterhouseCoopers, Deloitte, Ernst & Young, KPMG. — RBC). The organizer of the transaction, including the possible SPO “Evroplan” planned to appoint “VTB Capital”. After completion of all transactions and consolidation of financial assets, we expect the holding’s capitalization will exceed 60 billion rubles.

— What’s the share now belongs to the group “Safmar” in the FAC? And how much do you estimate its cost?

— We under the deal, 45% in the FAC plus there is the opportunity to acquire a 4% stake in the company. We plan to increase our stake to 49% to the end of the year.

— Why a holding structure will not include banks? It’s kind of a strategic decision?

— It is possible that later we connect and Bank assets, but now it doesn’t look reasonable. The banking sector carries high risks, investors find it difficult to adequately assess the capitalization of banks. To sell the banks with the estimate of polypetala we are just not interested.

— That is, until the IPO of the Bank should not wait?

— Now this is generally not the time to say: see what happens in the world. But after two-three years view. No one knows how it will look banking market in the future.

The hope is that conditions change. First, the Supervisory unit of the Central Bank will begin to assess not only financial performance, but also the business model of banks, that is, on what particular Bank earns. And secondly, the clearing of the market, which now holds, the regulator will give its positive effect: banks will be transparent, understandable and interesting to investors.

The Central Bank has almost completely cleared the market of those players who actively dumped, covering their “special operations”. For example, the same Master Bank is almost completely destroyed, in fact, the market of cash collection services. Fortunately, these dishonest banks in the market is getting smaller.

— Is there some synergistic effect from the Association of banks of the group? In what stage is the consolidation of banking assets, the accession of MDM Bank?

— This year we have combined the five banks. Additional income received due to the merger of group banks amounted to about 11 billion rubles In 2017 we expect to receive another 4 billion rubles., when will be joined MDM Bank. To complete the process of consolidation of banking assets, attach MDM is planned by the end of 2017.

— Are you considering the purchase of new banks? In particular, recently, the media wrote about the interest of the group to Bank “GLOBEKS” and Communication-Bank.

— No negotiations on this score was not. It’s just a rumor. We had the idea that maybe it’s time to join with other banks to share share… of Course, when talking about banks with a similar business model. But we do not negotiate on this matter, still only thinking about it.

In November it is expected that the IPO will take place “RussNeft”. What proportion of the total you plan to sell to investors?

— While we are talking about 10-15%. We’ll know more when the consultants will give their assessment of demand.

 

Raiffeisenbank predicted shortage of currency because of the scheme of sale of “Rosneft”



Photo: Ivan Sekretarev/AP

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Raiffeisenbank analysts had predicted a deficit of foreign currency liquidity in the Russian market in the case of Rosneft’s purchase of its stake of 19.5% for 700 billion rubles. Other experts disagree with these findings

Raiffeisenbank believe that discussing the government scheme the privatization of “Rosneft”, which the company will give to the budget almost all of its accumulated liquidity may cause a temporary shortage of currency in the local market. “Regardless of the currency in which the funds of “Rosneft” will be transferred to the budget, this may cause a shortage of foreign exchange liquidity in the local market,” wrote the analyst of Raiffeisenbank Denis Poryvai, in his review on Wednesday.

“It is fraught with short-term impact on interbank rates (increase them. — RBC) in foreign currency operations before the end of the year”, — he explained the RBC.

As reported by “Vedomosti”, the government is discussing the scheme of privatization of “Rosneft”, which assumes that the company can buy back its stake to 19.5 per cent from Rosneftegaz for RUB 700 billion and sell it later to a strategic investor or parts on the market. “This confirmation from officials that privatization was not”, — analysts say.

Raiffeisenbank believe that options are selling currency on the market with simultaneous purchase of securities or direct transmission of the received currency “Rosneftegaz”, the Ministry of Finance.

Interviewed by RBC analysts do not agree with the assessments of Raiffeisen Bank. “All conclusions depend on how technically will be made this deal. In the case of the first possible variant of “Rosneft” pays dollars to the Ministry of Finance, the Agency somehow transfers the dollars of the Central Bank that “prints” and it turns out that the $ from the system go,” — said a senior economist for Russia and CIS Dmitry Field of ING.

However, he stresses, there is another option, according to which Rosneft sells dollars in the market for rubles and, in fact, these rubles are paid in the framework of this transaction.

“If all the calculations are conducted in roubles, the currency will remain in the system and no shortage will occur,” adds Field.

The head of operations on money and FX markets Bank “Metallinvest” Sergey Romanchuk believes that the privatization transactions the Ministry of Finance and the Central Bank hardly will go to extraordinary measures.

“In my opinion, the connection between the fact that Rosneft has foreign exchange balances and it will use them to buy your package from the government, are far-fetched. If you follow this logic, then you need the special intervention of the Central Bank, to which it is unlikely that departing from the principles by which it implements its monetary policy. So I think that’s a realistic scenario and “Rosneft” will solve the problem of funding this transaction otherwise, without the use of currency balances, or using them, on the contrary, in view of ensuring for attracting rubles,” — said Romanchuk.