The Central Bank has estimated the need of “URALSIB” additional capital of about 44 billion rubles


MOSCOW, November 4. The Central Bank has estimated the need of “URALSIB” additional capital is 44 billion rubles. This was stated by Deputy Chairman of the Central Bank Mikhail Sukhov.

“The economic value of the 10-year loan in the amount of 67 billion rubles, amounting to little more than 44 billion rubles, is an indicator of our needs assessments Bank in the capital”, – said in a statement Sukhova.

Previously, the Agency on insurance of contributions (ASV) has announced the provision of two Bank loans worth 14 billion rubles for six years and 67 billion roubles for 10 years.

Sukhov added that it is wrong to call a figure of 44 billion “hole” in the Bank capital, a term that the Central Bank often uses in case of revocation of license, as the loss of value of the assets occurred under the influence of purely economic factors. Sukhov said that the DIA provide the funds necessary to “URALSIB” to improve the efficiency and ensure the profitability of the Bank.

Bank “URALSIB” occupies the 27th place in Russia’s banking system in terms of net assets. Last year, the Bank received an IFRS loss in the amount of 9.5 billion rubles, which is six times the loss 2013. In the first half of 2015 “URALSIB” has received a loss in the amount 10,23 billion. The main reasons of loss are the creation of reserves for problem loans and the increase in interest expense. This summer shareholders of the Bank held its capitalization to us $ 17.6 billion.

On 4 November it became known that the CBR has approved businessman Vladimir Kogan investor of the Bank.

The Central Bank controlled the financial health of the Bank

According to Sukhov, the Central Bank completely controlled the financial health of the Bank “URALSIB” and the decision about selling to Vladimir Kogan was taken after a lengthy examination of the Bank.

“The Bank of Russia on a permanent basis, oversaw the activities for improving the financial condition of the Bank and at the stage of exhaustion of the financial capacity Tsvetkova (the owner of the Bank “URALSIB” – approx. ed.) made the decision on attraction of the DIA” – said in a statement Sukhova.

Deputy Chairman of the Central Bank stressed that the regulator had discussed the decision to rehabilitation with a broad range of investors. “The decision about financial rehabilitation of the Bank was made after quite a long survey of his work forces the DIA and interaction with a wide range of investors”, – said in a statement.

The Central Bank found that some assets, “URALSIB” has lost its value

The Central Bank was forced to make a decision about financial rehabilitation of the Bank “URALSIB” because of the loss of value of some Bank assets, particularly land, said Sukhov.

“The results of the assessments we have established quite a wide composition factors of loss of market value of many assets. These include credit portfolio, operations in controlled financial institutions, as well as land plots and other operations”, the statement said Sukhov.

According to the statement, the owner “UralSiba” Nikolay Tsvetkov has invested in the Bank at least 20 billion rubles over the last year. “But it was not enough to fully ensure sufficient capitalization of the Bank”, the statement said.

Kogan will acquire 82% shares of the Bank “URALSIB”

The head of the group “Neftegazindustriya” Vladimir Kogan entered into an agreement with the major shareholder “Uralsiba” Nikolay Tsvetkov on the acquisition of 82% shares of the Bank, according to the website of the credit institution.

Vladimir Kogan will provide to the Bank an amount sufficient to ensure smooth operation and compliance with mandatory standards, in the form of loans amounting to 14 billion rubles for a period of six years and $ 67 billion rubles for a period of 10 years, according to a press release.

“We plan to conduct a number of reforms aimed at strengthening the capital base and increase lending. The Bank will ensure continuity and timeliness of all types of payments and funds transfers, the implementation and execution of contractual relations with clients and contractors, the smooth execution of payment documents”, – said Vladimir Kogan.

New investors do not plan to change the top management of the organization

New investors of the Bank “URALSIB” does not intend to change the top management of credit organizations and to significantly adjust its business model, said spokesman Vladimir Kogan.

“To date, the global reshuffle is not planned. It is in the initial stages the meetings held, they left a good impression on the top management of the Bank, as professionals”, – said the source.

The representative Vladimir Kogan also stressed that the global layoffs the Bank will not be held. “Will be optimized, but the business units strongly affect not planned”, – said the source.