Tuesday, 12 April, the Central Bank introduced Bank “BFG-credit” an interim administration for six months with the aim to examine the financial condition of the Bank. As told a source in the Bank by reason of the introduction of the interim administration was the problem with the performance requirements of the Central Bank to assess additional reserves in the amount of 3 billion rubles on the loan portfolio. Friend the President of the management Board of the Bank (the Bank is headed by Pavel Deunov), confirmed the regulator to assess additional reserves, but said that the correct amount is amounted to 6 billion rubles He also said that the Bank financed development projects, which most likely caused the issues at the CB. “Development companies often fall under the criteria for the companies with no signs of real activity”, — said the source. According to a source in the Bank, a shareholder it is difficult to find the amount of additional reserves, but they are trying to solve the problem.
The last check of the Central Bank “BFG-credit” ended on February 26, and it was unplanned, according to the Central Bank.
The volume of corporate loans granted by the Bank, is 51 billion rubles, the Share of problem and bad loans at the Bank are quite substantial – 14,1%, is spoken in the message of rating Agency AK&M. thus the Agency draws attention that in February, the Bank had a sharp increase in loan-loss provisions and collateral for funds placed by 23% and 18% respectively. “The Bank that explains not only the new loans but also the transfer of the old in a higher risk group”, — stated in the press release of the Agency.
The Bank is known for working with large state broadcasters — channel one, VGTRK, Russia Today. This was told by a source close to the Bank and was confirmed by a source in the Bank. Means TV companies in the Bank amounted to about 6 billion rubles, said a source close to the Bank. This figure compares with the last data statements in accordance with IFRS for the year 2014, which States that the means of media companies had 6.5 billion rubles.
Media companies have seized most of these funds in recent months, says a source close to the Bank. According to statements from the beginning of March the volume of funds on accounts of companies decreased by 4 billion to 20.6 billion rubles.
April 12, rating Agency AK&M has lowered the Bank’s rating from “A” (negative sublevel) to ‘ b ‘ with a negative Outlook. In the message AK&M noted that the Bank has problems with liquidity. So, on March 1, liquidity ratio of the Bank, the observance of which guarantees the solvency of the Bank within 30 days was 52.3%, when the minimum is 50%. The volume of highly liquid assets since the beginning of the year decreased more than 2 times, is spoken in the message of Agency.
“Large depositors began to withdraw deposits upon notification of the entry of the interim administration,” — said a source in the Bank. Deposits in the Bank on 1 March amounted to 23 billion rubles, the largest part accounts for VIP investors, said a source at the Bank and confirms the source, familiar with the Chairman of the Board. “The Bank had little offices and it didn’t work with the mass segment”, — said the source.
The biggest stake of the “BFG-credit” (39,6%) belong to the General producer of BFG Media Production Yuri Glotser, 5.3% of the shares of the Bank owned by his son, Philip. Other shares are Khoroshilova Tamara (19,5%), Eugene Mayzer — 10%, Cyprus company “Festoria Consultant Limited” (15.5%) and Cosa Holding Limited (10%)
The Bank, according to Banks.Roux, takes 91-th place by assets (64 billion rubles). The Bank is not the most prominent player in the interbank market and debt — loans with ICD accounted for just 3.8 bn and issued bonds of 2.5 billion rubles.
“BFG-the credit” has not responded to the request .