Moscow. On 26 February. Sergey Gorkov appointed Chairman of Vnesheconombank is Vladimir Dmitriev, who held the position for almost 12 years. The relevant decrees signed by President Vladimir Putin, said the press service of the Kremlin on Friday.
Cadres decide everything
As head VEB has considered several candidates, but two weeks ago, the Deputy to German Gref Gorkov was actually the only bidder. Last week, at the weekly meeting with the management of Vnesheconombank’s Dmitriev has informed that at the meeting with Putin submitted his resignation. About his successor he did not speak, but at that time there was no doubt that they will become the Deputy Chairman of Sberbank.
Sergey Gorkov was born on 1 December 1968 in the Orenburg region. In 1994 he graduated from the FSB Academy, specialty “jurisprudence”, in 2002 – the Russian economic Academy named after.Plekhanov, specialty “Finance and credit”. In 1994-1997 – Deputy head, head of Department on work with staff of the Bank “Menatep”. From 1997 to 2005 in senior HR positions in the structures of Yukos. The savings came in November 2008 from the Director of the Department of personnel policy. Two years later Gorkovo HR is in charge of looking after international business of Sberbank in the status of the Chairman of the Board.
Vladimir Dmitriev came to Vnesheconombank from the Finance Ministry almost twenty years ago, in 1997-2004, he was the Chairman, and in June 2004 became head of the VEB.
The Chairman of Vnesheconombank is appointed by the President upon the recommendation of the Prime Minister for a period not exceeding five years. The head of the Bank ex officio a member of the Supervisory Board, chaired by the Prime Minister.
Earlier in mass media there was information that the impact of Herman Gref in the beginning would not be confined to the appointment of his Deputy as Chairman, but will be formalized in the form of membership in the Supervisory Board. However, the Gref is not confirmed: on Wednesday evening, answering the question of journalists about the possibility of joining the Board of the Bank, he said that “no such plans”.
Behind the change of President will inevitably be followed by changes in the top management of the Bank. “Vedomosti” last week wrote that the senior Vice-President of the savings Bank Nikolay tsehomsky can become Deputy Chairman of Vnesheconombank. Two sources familiar with the situation, they say that retiring can take 63-year-old Vnesheconombank Deputy Chairman Sergey Lykov. According to one of interlocutors of Agency, to leave the Bank and is also one of the first three Deputy chairmen – Mikhail Poluboyarinov (the other two first Zama Andrey Sapelin, and Petr Fradkov, who at the early stages of selecting candidates, according to sources, was considered as a candidate for the presidency along with Maxim Poletaeva from Sberbank, Mikhail Oseevsky from VTB and Michael will take part of “Russian capital”).
Sberbank about their changes already announced: senior Vice-President Svetlana Sagaidak will be acting head of unit “international operations”. Sagaidak previously worked at Sberbank corporate business, which will now be responsible to the Vice-President Anatoly Popov, who previously headed the Department of retail organization service and sales. To reach Gor from the Board of management will shortly be submitted to the Supervisory Board of Sberbank.
The absorbent risks
In the past few months, the authorities discuss the issue of financial support of Vnesheconombank, who needs help to service external debt and capital replenishment. The main source of problems of VEB loans under the so-called “special projects” that the Bank issued by resolution of the Supervisory Board and now no revenue.
“Management always makes mistakes, and it is peculiar to the banks, and corporations, and non-financial companies. The point here is, I think, not only and not so much. The fact that the Institute, which was created as a development institution, was in many respects the Institute, absorbing risks that have arisen in the Russian economy due to various circumstances, starting with the crisis of 2008-2009 to the current situation related to the sanctions regime, geopolitical risks,” stated the Minister of economic development Alexei Ulyukayev.
The final decision about the price of the issue will be made only after you have an accurate valuation of assets of VEB, told the Minister last week.
In one of the latest variants of the plan of support of economy in 2016 was laid using the web in the amount of 150 billion roubles, but before the consideration of the document at a government meeting this figure was removed from it. In this high-ranking Federal official said that to solve the problems of the web in 2016 150 billion rubles may not be required, and enough lesser amount.
The speaker in a recent interview with reporters confirmed this version. The final decision will be made then, “when will estimate more precisely the obligations and assets,” said the Minister. “VEB something to sell, something to sell. For me personally not a very clear forecast of the balance of VEB, he with some strange was the assumptions. Here we have to deal,” he said.
Deputy economic development Minister Oleg Fomichev explained to journalists that the funds for the support of VEB will be taken not from anti-crisis Fund. “This may be the increase of the national debt, and budget, but we believe that money on the web will not go from the bailout Fund, since the order of the President on the results of the message says that the recapitalization of VEB is beyond the scope of the budget and three-percent deficit of the budget,” he said.
On the question of how policy will change after the VEB, the expected change of leadership, the speaker replied: “the Policy of the Bank in any case would have changed: when a new or not. The situation can not do without change.”
Dmitriev at the end of January said that VEB the first quarter of 2016 will be painless, but in the second quarter, the Corporation will need financial support. According to him, made already number 1.3 trillion roubles ruble equivalent of $20 billion (at the exchange rate at the end of 2015). These funds are needed to VEB for performance of obligations by 2020.
Net loss of VEB under IFRS for the third quarter of 2015 amounted to 59.5 billion roubles, in January-September – 113 billion rubles. Of the six business segments of the group in January-September were unprofitable, four. The biggest loss brought the main banks that form the group (109.5 billion rubles of before tax profit). Ukrainian segment brought a loss of 46.4 billion rubles, Svyaz-Bank and GLOBEXBANK – 22,5 billion roubles, leasing business 7,15 billion.
Partially the decision to support VEB have already been taken: the government has extended foreign currency deposits from FNB for 5 years and dramatically lowered the rate on him. This will increase the value of the net assets of VEB with $3 billion to $6.6 billion, which is above the level provided for in the Covenant of foreign debts of the Corporation. In addition, VEB had the opportunity to place on Deposit the funds of the budget.
In addition, the government and the Central Bank are discussing the future of Sviaz-Bank and GLOBEXBANK, which were handed over to VEB for refurbishment in the crisis of 2008-2009. For these purposes the Central Bank has allocated funds to VEB in the form of deposits, which were then converted into bonds (212 billion rubles). It is planned that these banks will go to the Agency for Deposit insurance which will attach them to “the Russian capital”.
“It is expected that the deal will be made at market value determined by an independent appraiser. All proceeds from the deal will focus on early repayment of obligations of the VEB Bank to the Bank of Russia on the bonded loan,” said WEBB at the end of January. The rest of the obligations will be converted into a perpetual subordinated instrument of the Central Bank, included in the calculation of capital of the Bank. However, the parameters of the proposed transaction has not been determined, is the subject of negotiations, said Dmitriev at the end of February.