The Bank before the end of June, intends to offer existing investors the preference shares under private placement, informed the Agency Bloomberg, the co-owner of PSB Dmitry Ananiev. The Bank intends to sell “preferred shares” amount to one-third of the share capital and to attract at least 3.7 billion rubles., Deputy CEO Mr Mamakin additional comments Bloomberg said that the decision to place it is the “preferred shares” was made in order not to dilute the percentage of holders of ordinary shares.
Now the main shareholder is the company “PromSvyazCapital”, which in a British offshore company controlled by brothers Dmitry and Alexey Ananiev. Belongs to them from 50.03% stake in the Bank. Also 11,74% of the shares in ICB owned by the EBRD, 10% of its shares owned by pension funds, the group of Mikhail Shishkhanov, and NPF “the Future”, the owner of O1 Group Boris Mints.
“We will test a new instrument, first in the framework of the private placement, and then maybe slowly it will Rastorguev”, — quotes the words Mamakina Bloomberg. He added that the Bank needs more capital to support the growth of the business. PSB plans to grow this year due to the purchases, added Ananiev.
Last year, the structure Ananiev “PromSvyazCapital” acquired the shares of Vozrozhdenie Bank included in top-50 largest credit institutions. As Ananiev said in an interview with “Vedomosti”, the purchase cost them $200 million. in addition, in November under the control of PSB have moved 86,54% of the Samara Pervobank (105-th place by assets). Shareholders received Pervobank of 4.54% stake in PSB.
By the end of 2015, PSB reported a record loss at the end of 2015 to 16.4 billion rubles. This was due to the necessity to form reserves for problem loans. Mr Mamykin said earlier that the Bank in 2015, formed a large provisions for loan losses of 47.3 billion rubles, which is twice more than the corresponding figure for the previous year.
According to analysts of the Agency Moody’s Lev Dorf, the level of reserve coverage of problem loans with overdue over 90 days the Bank is 200%. “This has created a certain margin of safety, but ate almost the capital of the Bank. Therefore, its shareholders have all the time to maintain capital at a minimum level, adding it at the expense of the shareholders and attracting strategic investors,” he said. The last major recapitalization of PSB took place in November 2015, when its owners contributed to the capital of the land in the Moscow region, which was estimated at 15.7 billion RUB.
Before that — in may 2015 — PSB added to the capital of almost 14 billion rubles due to the sale of shares to non-state pension funds. Lev Dorf notes that, in spite of all these steps undertaken by PSB shareholders, tier I capital of the Bank remains at the low level of 6.85% under IFRS, and is significantly lower than that of other systemically important banks. “The infusion of even 3.7 billion RUB, of course, will support the Bank, given the scale of its business and the risks of deterioration of the operating environment, the weather did not make it,” says Dorf.
In the first quarter of 2016, PSB reported net profit of 414 million rubles. against a loss of 921 million RUB over the same period last year. Revenue growth contributed to the increase in interest income of the Bank and the reduction in redundancy. “We expect that by year-end the Bank can get a profit in accordance with IFRS under the condition of stability in the economy and the currency market,” says Dorf. The analyst reminds that about 35-37% of the loan portfolio of PSB in foreign currency, which creates additional risks for its business.
According to Lev Dorf, if the Bank will have to create new reserves or will new transactions to purchase financial assets from shareholders will require additional support. “The opportunity to raise funds on the market have a PSB is limited since it is unlikely Ananeva has resolved to reduce its stake below controlling. But their financial capabilities are also limited,” says Dorf. He recalled that in late April, “PromSvyazCapital” has placed bonds for 10 billion roubles, these means the company intends to spend on buying regional players.