Foray customer: what happened to the Bank “Intercommerz”

What happened to “Intercommerz”?

Last Friday, January 29, the Central Bank introduced the Bank “Intercommerz” (64-th place by assets, according to “the”) interim administration for six months. The regulator explained its decision by the fact that the Bank decreased capital by 30% compared with the maximum value in the last 12 months, as well as a violation of one of the mandatory standards. A few days before the provisional administrator, the Bank ceased making any payments and to repay deposits.

In January the “Intercommerz” there is a shortage of liquidity after the Central Bank issued the Bank an order to accrue reserves, said a source close to the Bank, and the counterparty Bank. After executing the instruction, the Bank breached the capital adequacy ratio, said a source close to the Bank, adding that many companies, upon learning of the requirement of the Central Bank, began to withdraw their money, then the Bank came the investors, the influx of which the Bank could not resist.

Before provisions in the end of last year, “Intercommerz” has paid a large amount of deposits, attracted in the midst of crisis at high rates. The Director of analytical Department of National rating Agency Karina Artemyev assumes, based on data reporting of the Bank that the Bank could pay 8 billion rubles to their depositors.

The Bank had a reserve of liquidity: at the end of 2015 formal indicators of instant and current liquidity, according to the reporting under RAS amounted to $ 150, and 134%, respectively (the minimum level — 15 and 50%). But this stock didn’t help the Bank to cope with the influx of customers.

What is happening in the Bank?

The Central Bank is now studying assets when you get all the information, will decide what will happen to this Bank on. The options are not many: the revocation of the license or rehabilitation. If the regulator considers that assets enough, he may decide about rehabilitation and to allocate money for it. “The owners of the Bank assess the hole in 30 billion rubles, the Central Bank is 40 billion rubles,” — says an acquaintance of the top Manager Intercommerz Bank. The volume of deposits and 68.4 billion rubles this means That potentially, if the person’s rights, payments to depositors in case of revocation of the license exceed the amount necessary for sanitation.

“If the hole in the Bank will not exceed 30 billion rubles, the Central Bank will be ready to consider the reorganization of the Bank,” says a former employee of the Bank who received this information from his guidance. “The regulator is interested in the reorganization of the Bank as it has a large amount of deposits, while asset quality is not bad at all”, — knows the counterparty Bank.

“The interim administration is only the beginning of work in “Intercommerz”, and it is too early to assess the scale of problems in the Bank, and how to raise the issue of his rehabilitation,” says a source close to DIA.

A source close to the Central Bank, said that the regulator can make a decision before the end of the week, the announcement may be next week.

The press service of the Bank “Intercommerz” has not responded to the request , the Central Bank and the Deposit insurance Agency banks do not comment.

“Intercommerz” in figures

64-th place occupies Bank “Intercommerz” in terms of assets. As of 1 January 2016 they amounted to 109,2 billion rubles.

75,58 billion rubles — the Bank’s loan portfolio at 1 January

68,36 billion rubles in private deposits placed in “Intercommerz” on January 1,

2,23% — the level of overdue debt in the loan portfolio at the beginning of the year

From 11,03 to 11.57% increase in the capital adequacy ratio of the Bank (N1.0) for 2015 (the minimum allowed by the controller the value of 10%)


What would happen if the Central Bank withdraws the license of the Bank?

If the Central Bank withdraws the license from Intercommerz Bank, it will be the largest insured event in the history of the DIA. Before that the biggest payouts were contributors Vneshprombank (about 45 billion rubles) and Bank “the Russian credit” (40,7 billion roubles).

On January 1, the volume of deposits of citizens in Intercommerz Bank was 68.4 billion rubles, while the bulk of the assets are loans to companies (71 billion rubles, almost 70% of assets).

If the Central Bank decides to revoke the license, the DIA will begin payments to depositors. The interim administration is insured, so depositors will have to wait for the decision of the Central Bank. In Nota-Bank, and only the payments began before the Central Bank decided, but there is an insured event was the introduction of the moratorium on satisfaction of creditors ‘ claims.

What is the Bank?

Almost 70% of the assets of “Intercommerz” (or 71 billion RUB) represent loans to companies. S&P analyst Victor Nikolskiy calls the credit portfolio of “technically sufficient quality”, but concedes that the rating Agency paid attention to “low levels of redundancy and delay, compared with the average for the market.” “Also there were some issues with soft collateral policy: as of 1 July 2014 70% of the loan portfolio of the Bank was issued without collateral,” notes Nicholas.

According to Karina Artemieva, in the Bank large amounts of lend to companies (mainly small and medium businesses), it was given loans at high interest rates. “At the end of 2014, when the Central Bank sharply raised its key interest rate, the “Intercommerz” is not implemented interest rate risk in the past year interest rates on loans to businesses the Bank was at a sufficiently high level, so that the Bank’s loan portfolio was high-margin”, — says Artemiev.

Nicholas also notes that the Bank’s balance sheet are securities in the amount of 10.7 billion rubles (on January 1), most of which were not included. A portion of these securities, he said, that bonds of foreign governments located in foreign depositories. On the correspondent account in the Central Bank, the Bank has more than 5 billion rubles, but part of that money was spent on payments to depositors.

What is known about the customers of the Bank?

The Bank actively attracted deposits of the population: last year their volume increased by 75%. Also, the Bank placed its funds of the company (RUB 26 billion at 1 January). According to a source close to the Bank, the largest creditor placed with the Bank about 6 billion rubles. Among the clients of “Intercommerz” the company “Transneft”, but its official representative Igor Dyomin said that the company has in the Bank hosted “small amounts” are not comparable with the amounts in Russia, where “Transneft” have lost 9 billion rubles “Intercommerz” is one of the banks that won the tender for service of accounts “Transneft”, with which the company has been operating since February 2011. About the problems in “Transneft” have learned from the media and now are studying the situation”, — said Demin.

Earlier in the “Intercommerz” kept your money charities actors Chulpan Khamatova and Konstantin Khabensky, but representatives of both foundations said that now money funds in the Bank no.

In the number of borrowers “Intercommerz” is a micro-Finance company “Home money”. “Credit limit “Intercommerz” in our company is 1.8 billion rubles. It was our base Bank, we through him are given a card to our clients-borrowers”, — says CEO of “house money” Andrei Bakhvalov.

What does “Rosebank”?

“Intercommerz” cards were released under the fashion brand “Rosebank”. The last is not a Bank but just an application that allows a Bank customer to use various additional services such as financial planning. Brand “Rosebank” is owned by four businessmen, they worked with “Intercommerz” as partners.

“Under the agreement on cooperation with “Intercommerz” “Rosebank” were in fact agent to attract customers to the Bank, explains co-founder and CEO of “Rosebank” Victor Lysenko. — The Bank opened an account for the customer and issued him a map”. At the moment, “Rosebank” tens of thousands of customers (less than 100 thousand). The volume of collaborative business applications and “Interkommerts” — less than 1 billion rubles Since December 2015 “Rosebank” works with “BKM Discovery”, their partnership involves a transition application on the technological capacity of the Bank.

Thus, the cardholders “Rosebank” had accounts in the “Intercommerz”. When the latter ran into problems, “Rosebank” notified its customers by mailing a letter Board to withdraw their funds from cards. “Intercommerz” immediately blocked the access clients “Rosebank” to their accounts, to avoid panic. But it didn’t help.

Intercommerz Bank was established in 1991, to 2006 he was called by the Bank “AIST”. The Bank is owned by some citizens and companies. The largest share, more than 10% owned by Mikhail Malov (15,01%), Valery Gladedale (11,33%) and LLC “POLEX-inter” (10,62%). In the number of shareholders with a share of over 1% also includes the Chairman of the Board Intercommerz Bank, Alexander Bugayevsky, which from 1994 to 2007, he worked in Alfa-Bank (the last four years as senior Vice-President). The owners of the Bank are not related parties, each of them individually has no effect on the Bank, indicated in the audited statements Intercommerz Bank for 2014.