Sistema sold the stake in Sovcombank holding “RTI”

Sovcombank announced that became the owner of 10% of the shares of the holding company “RTI”, by purchasing part of the package at AFK “System”. The share of the latter decreased from 84,68% to 74,68%.

Business “RTI is concentrated in the field of defence solutions, comprehensive security systems, microelectronics and system integration. Among other things, “RTI” owns a controlling stake of the Zelenograd factory “Micron”.

The transaction amount was not disclosed. At the end of 2012, 100% of the shares of RTI was estimated at 26.5 billion rubles, reported in the financial statements of the Bank of Moscow. Thus, 84,67% RTI, owned by AFK Sistema, was estimated at 22.5 billion rubles, wrote “Kommersant”.

A leading analyst of Gazprombank Sergey Vanin says that 10% of shares of “RTI” could do “Sovcombank” in 5,5-6 billion roubles.

The press service of Sovcombank explained the purchase of “high growth potential value of this strategically important Russian high-tech business”. Senior Director of Fitch (rated Bank) Alexander Danilov believes the acquisition of the Bank non-obvious. “It is unclear why the Bank to acquire a minority stake in a company engaged in the microelectronics, if only this is not part of another transaction or the result of the restructuring,” he says.

Because the investment Bank to non-standard, agree and partner of BDO in Russia Denis Taradov. The Bank bought too small a package, which does not allow to influence dividend policy, but rely on dividends from the company, which operates in the defense industry is not necessary. Now AFK “System” actively trying to monetize their assets, but why the purchaser of the package has become “Sovcombank” hard to say, Vanina adds.

Last year the group of companies “RTI” ended with a net loss of 2.1 billion rubles, says the analyst of NRA (rated RTI) Tatiana Kovaleva. She noted that the losses were to a significant degree due to the revaluation of assets and foreign currency liabilities.

Lately Sovcombank actively acquires financial and non-financial assets. At the end of the year Sovcombank acquired from Uniastrumbank” 10% of the shares Modelbank (239-th place by assets, according to Banks.<url>). The sum of transaction, according to RIA Novosti, amounted to 415.5 mln rubles.

In September 2015 I bought a Scoop of 9.48% stake in RosEvroBank (46-th place by assets), focusing on corporate lending. As has explained then Khotimsk the newspaper “Kommersant”, to Sovcombank “is a quality investment and exchange of experience, cooperation in projects”.

Sovcombank is ranked 20th by assets according to the version Banks.<url> (465 billion rubles). Loans to individuals amount to 58 billion rubles, loans to companies is 41 billion rubles Deposits of individuals in Bank account for 35% (167 billion rubles), funds — 15% (73 billion rubles), funds MBC — 33% (157 billion rubles), issued bonds – 0,8% (3,6 billion rubles). The main activities of “Sovcombank” — private client services, retail lending and operations with securities. The key beneficiaries are the managers and founders of the Bank, the brothers Sergei and Dmitry Khotimsky (together 34,50%) and Alexey Fisun (of 23.22%).