“National Treasury” would buy 90% of MFIs “microfinance”

“National Treasury” would buy 90% of MFIs “microfinance”

The project will be financed at the expense of own funds of OMPO, the transaction is expected to close in the near future, reported the press service of “Microfinance”.

MOSCOW, 16 Mar. The MFI “national Treasury” (NJSC “combined micro-Finance organization”, OMFO) signed a preliminary agreement to purchase a 90% equity stake in the largest organization in the field of microcrediting of small business in Russia “microfinance”, reported the press service of “Microfinance”.

According to “BIR-Analyst”, currently 10% of OOO “microfinance” belongs to “VTB 24”, 25% owner of the LLC “Company Klyazma capital” and 65% — open company “Titan capital Rus”.

“Financing will be carried out at the expense of own funds of OMPO. The remaining 10% interest in LLC “microfinance” remain in the Bank VTB 24 (PJSC). The transaction is expected to close shortly after the completion of the procedures stipulated by the legislation”, — stated in the message.

“National Treasury”, according to the press service of “Microfinance” in the near future plans to start procedure of financial improvement of the company.

“Combined micro-Finance organization will conduct active work with portfolios of microloans, including, for the recovery of arrears, and have to apply for a rehabilitation institution to the Bank of Russia”, — said the press service.

Previously, the rating Agency RAEX downgraded the rating of “Microfinance” to b+.mfi (“low level of reliability”) and withdrew it. The reason for this decision was the fact that the company has not provided the Agency with the documents confirming the fact of carrying out the capital increase, which was scheduled for the fourth quarter of 2015. On October 1, 2015, the company generated only about 32% of the total reserves required on 1 January 2016 (based on the quality of assets on 1 October) that, according to analysts RAEX, “could lead to negative equity on 1 January”.