The Bank “Ugra” plans to list on the Moscow exchange, placing of 6.1 million ordinary and 24 thousand preferred shares, 47% of the total share capital. The Bank’s shares are included in quotation list a third, it will happen in mid-March, says the President of Ugra Alexey Nefedov.
Now, according to the Bank, 52,5% of the shares owned by the Swiss company Radamant Financial AG, one of the beneficiaries which, according to sources in the “Yugra” are the owners “the courtyard Gorbushkin” Yuri and Alexei Hotiny. At the beginning of the year, the Bank was first named Alexei hotina among the direct owners of the Bank: according to the list of affiliated persons published on January 11, he speaks directly to 0.48% of the shares of “Ugra”.
In the official report of “Ugra” explains the desire to place shares on the stock exchange the opportunity to “create additional value for shareholders and enhance the reputation as a public joint stock company, whose shares are included in the list of securities admitted by the regulator to auctions” — presented to the Bank by the Chairperson of the Board of “Ugra” Yuri Gusev.
Alexey Nefedov says that the Bank shares will perform third-party investors.
Conclusion of shares on the stock exchange will allow to more actively pursue the acquisition of financial assets, said the head of the press service of the Bank Oleg Nikishenkov. “The Bank is considering five potential M&A transactions, examining including some of the largest banks. “Ugra” is also eyeing the purchase of several distressed banks,” he says.
Third-party market investors this placement is likely to be of little interest, says senior analyst at the NRA Paul Martyniuk. “”Yugra” weakly transparent ownership structure, unclear, but an aggressive business development strategy in a difficult macroeconomic environment,” he explains.
In the prospectus explicitly States that “the placement of securities under the prospectus is not”. A source at the Moscow exchange said that according to his sources, the deal is not planned, it is only the listing. In favor of this was indicated by the absence of the organizers of the placement. That they no, said Oleg Nikishenkov.
Moscow exchange advised the Bank “Ugra” on the listing of Bank shares on our marketplace, says the press service of the exchange on request .
The investment banker familiar with the Bank’s top managers, suggests that the deal can be used for consolidation of securities Hodinami. According to him, the listing will enable current shareholders to sell shares through the stock exchange.
Now “Yugra” took the 28th place in terms of assets. The Bank’s assets on 1 January amounted to 368,6 billion rubles, last year they grew more than doubled (the average growth rate of assets of the thirty largest banks in 2015 amounted to 25%). Credit portfolio of “Ugra” has grown in 2,5 times — with of 113.8 billion to 275,6 billion rubles, almost all loans granted to legal entities (retail loans constitute less than 1% of the portfolio). From statements under IFRS for the year 2014, more than 70% of the loans were not secured. Nefedov assured that now the situation has changed: today, secured 86% of the loan portfolio. Liens, he says, are objects of real estate (40 billion rubles) and the shares of oil companies.
Funding of operations is thus carried out largely at the expense of individuals: the portfolio of deposits for 2015 increased by 136%, from 66.8 billion to 158 billion rubles (about 70% of all client resources in the Bank). According to Nefedova, more than 25% of deposits of individuals large — more than 5 million rubles.
The Bank “Ugra” has still not received the recapitalization through OFZ, despite the fact that he submitted the application one of the first. Previously, “Vedomosti” wrote that the delay is due to the opacity of the ownership structure. The source said the Bank “Ugra”, the issue of recapitalization should be solved before 1 April 2016, this information was confirmed by a source at the DIA.