Kostin told about a possible merger of NPF VTB with other funds


Moscow. July 13. INTERFAX.RU – the Chances of implementing the merger of NPF VTB with other major funds are 50 to 50, the head of the Bank Andrey Kostin.

In June it became known that VTB has commissioned an assessment of the market value of the shares of private pension funds businessman Roman Avdeev and financial “Future” group Boris mints for a possible Association of these Npfov with its pension Fund. The Bank ordered a valuation of the shares of your Fund, NPF “Consent” and NPF “OPK” (owned by the Minister of culture), as well as NPF “the Future”, NPF “Telecom-Soyuz”, NPF “Education” and NPF “Social development” (included in FG “Future” mints). The evaluation will be performed by KPMG.

“We have a number of proposals, not only, by the way, Mr. Mintz, there are other major funds that offer Association. It was not our initiative,” – said Kostin reporters on the sidelines of the IFC-2017.

“We are seriously studying, conducting due diligence. Our task is to make it so that when any Association of those who participate in our pension Fund, is not affected, so we are looking at mechanisms for a possible exit in case. I believe that the chances of a deal at 50-50. While I wouldn’t say that there is some final decision,” he said.

“The deal will depend on our due diligence and conclusions, because there is a new regulatory things that we are forced to look very carefully at this. In principle, we believe this transaction is appropriate, but under what conditions and with whom, is the question. To marry will, the question – what is the bride and what the bride-price need for it,” – said Kostin. According to him, VTB is unlikely to have control in the combined Fund, if the transaction takes place.

“We control the proportion, probably, do not receive, because we plan to unite only with larger Nfami. In addition to the shares, it is planned a kind of joint agreement that will specify the rights that may be beyond pure equity powers,” he said. VTB discusses the issue with the regulator, said Costin.

“We are in dialogue, including with the Central Bank because the Central Bank is in principle interested in the fact that in any action not fell to the level of corporate governance, which is very high in our Fund”, – he said in an interview to “Russia 24”.

“I think that the principle of consolidation of pension funds – it will have a positive for the market, but while talking about any specific transaction with any particular counterparty would be early,” he concluded.

On the Russian pension market already have an example of unification of pension funds of the two groups. This year we completed the merger of three pension funds of the businessman Anatoly Gavrilenko (“KIT Finance”, “Promagrofond” and “Heritage”) NPF “Gazfond pension savings”, which was created in 2014 and received the rights and obligations of mandatory pension insurance of NPF “Gazfond”. After the merger, the share A. Gavrilenko in the combined company is 65%, NPF “Gazfond” – 35%.

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