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Rumors that Alfa-Bank could be sold to another major player appeared in early 2018. Today it is clear that this process is not far from completion. The publication of the “Kremlin report” made the bank a toxic asset for Mikhail Fridman, Petr Aven and its other largest shareholders. They made the choice between Russia and the West five years ago, now it remains to settle the formalities.
Founder of Alfa Group ( owns more than 75% of Alfa-Bank) Mikhail Fridman I don't like the attitude towards Russian billionaires in London and Washington. " We are perceived as Russian oligarchs no matter what we do… In the West, there is a very simplified idea of Russia, just like in Russia about the West: Russia is oligarchs, and all oligarchs are agents of the Kremlin”, Friedman complained in an interview with Forbes magazine. But who specifically offended a simple Russian banker in a foreign land?
Met like a stranger
Mikhail Fridman's emotions are understandable. He actually broke with his homeland, lives in the UK and is its tax resident. And they still consider him an outsider. Although it is possible that during an interview with a Russian business magazine, Fridman recalled a very specific story, or rather, two stories. We are talking about the interrogations that his longtime partner, the president of Alfa-Bank, underwent upon arrival in the United States. Peter Aven.
Sources " Our version» say that during the next routine trip to the United States, Aven had to answer uncomfortable questions from employees FBI. Agents met a respected businessman right at the airport and, not allowing him to rest after a long flight, dragged him for many hours of interrogation. Like some terrorist. For Petra Avena, which, by the way, is honorary citizen Oklahoma State, such a meeting was a complete surprise. Well, if it was an isolated case! During Aven's next trip to America, history repeated itself.
The FBI's interest in the identity of the Russian banker and his partners is understandable. Mikhail Fridman, Peter Aven and another co-owner of Alfa-Bank German Khan mentioned in the dossier of a former British MI6 agent Christopher Steele. In the United States, this document, we recall, formed the basis of the proceedings over the possible interference of Russia in presidential elections. Others would be happy in their place - they served their native country, and you can get an award. But, since at least half of the business of Alfa Group owners is located in the West, the sanctions have become a serious threat to them.
In 2017, even before the appearance of the so-called "Kremlin list", the leadership " Alfa Bank» has made titanic efforts to minimize sanctions risks. The Friedman and Aven Bank, in fact, ran ahead of the locomotive in order to transfer defense loans to the sanitized Promsvyazbank. Market participants say that Alfa was ready to transfer loans at a large discount - if only faster. However, subsequent interrogations Petra Avena in the USA they point out that this did not help the case. Apparently, the president of Alfa-Bank and its largest shareholders understand that new sanctions can simply kill this credit institution.
Yes, Alfa is one of the eleven systemically important banks in Russia, which account for more than 60% of banking sector assets. Well, so what? Unlike the rest of the participants in this list, most of which are state-owned banks, the brainchild of Fridman and Aven will not be saved by the government. So, they urgently need to get rid of the toxic asset.
The process is underway
In the spring, analysts named several possible interested parties who were allegedly eyeing Alfa-Bank. Among these were Sberbank, VTB And Uralsib. Today we can say with confidence that the brainchild of Friedman is in the process of being transferred under the control of managers from VTB. So, in early October, a native of VTB was elected the first deputy chairman of the board of Alfa Vladimir Verkhoshinsky. This event did not become a sensation. Verkhoshinsky came to " Alfa Bank» in August and took up the position of chief managing director to begin with. Following this, the Bank began a rapid renewal of personnel. At this point, the credit institution has updated the marketing team. In November, the bank plans to leave the chief operating officer Maria Shevchenko and the head of the Treasury block Igor Knyazev.
Biography Vladimir Verkhoshinsky contains an important detail: in 2011, when VTB bought the Bank of Moscow, the young manager moved to this structure, and immediately became vice president. In 2016, the Bank of Moscow was reorganized by joining VTB, and Mr. Verkhoshinsky was elected a member of the board. It can be assumed that in the case of the accession of Alfa-Bank, the process will go much faster - it seems that it does not need to be sanitized.
In turn, officially information about the merger is refuted. Alfa-Bank's press service comments: “There are no plans to sell Alfa-Bank and they are not being considered. Rumors about the sale of Alfa-Bank to VTB, as well as about any other form of merger with VTB, are completely untrue.”
Planned evacuation
It is likely that after the merger with VTB, the current president " Alfa Bank» Peter Aven finally leave the territory of the Russian Federation. It appears that he and his associates began preparing their evacuation from Russia long before the imposition of sanctions. Recall, for example, their sale of shares in a Russian oil company TNK-BP in 2013. The beneficiaries of Alfa-Bank received for their share in it about 14 billion dollars, with this money they created an investment fund in Switzerland L1 Enegry, the purpose of which was the purchase oil and gas assets Worldwide.
If Alfa-Bank comes under the control of VTB, this will mean further monopolization of the banking sector in Russia, a significant share of which is already controlled by the largest credit institutions with state participation. And this means that the Russians may face a decrease in deposit rates, an increase in interest rates on loans and a deterioration in the quality of banking services.
But there is one more important point. According to a number of experts, the "merger" of the two banks will be carried out through the exchange of shares between interested parties. VTB can redeem a share Alfa Bank» for money, but for most of it Friedman, Aven and other owners can receive VTB shares, which they can then sell or pledge. If the situation develops according to this scenario, then the "locomotive of the people's IPO" under the leadership of Andrey Kostin will fall in price again. According to the rules of the market, the absorbing company almost always loses some of its value. But do Kostin and the managers of the state bank, which is under sanctions, have anything to do with market price his shares? It seems that they consider the Russian government the sole owner of VTB, and therefore they will again ask him for money for, let's face it, not the most necessary deal. What's stopping VTB occupy a niche Alfa Bank" now? And will the experience of a private credit institution geared towards a different, market efficiency, be of any use to the state bank?
Rumors that Alfa-Bank could be sold to another major player appeared in early 2018. Today it is clear that this process is not far from completion. The publication of the “Kremlin report” made the bank a toxic asset for Mikhail Fridman, Petr Aven and its other largest shareholders. They made the choice between Russia and the West five years ago, now it remains to settle the formalities.
Subject: Banks and the financial crisis
The founder of Alfa Group (owns more than 75% of Alfa-Bank), Mikhail Fridman, does not like the attitude towards Russian billionaires in London and Washington. “We are perceived as Russian oligarchs, regardless of what we do ... In the West, there is a very simplified idea of Russia, just like in Russia about the West: Russia is oligarchs, and all oligarchs are agents of the Kremlin,” Friedman complained in an interview with Forbes magazine. But who specifically offended a simple Russian banker in a foreign land?
Met like a stranger
Mikhail Fridman's emotions are understandable. He actually broke with his homeland, lives in the UK and is its tax resident. And they still consider him an outsider. Although it is possible that during an interview with a Russian business magazine, Fridman recalled a very specific story, or rather, two stories. We are talking about the interrogations that, upon arrival in the United States, his longtime partner, the president of Alfa-Bank, Pyotr Aven, underwent.
Sources of "Our Version" say that during the next routine trip to the United States, Aven had to answer uncomfortable questions from the FBI. Agents met a respected businessman right at the airport and, not allowing him to rest after a long flight, dragged him for many hours of interrogation. Like some terrorist. For Peter Aven, who, by the way, is an honorary citizen of Oklahoma, such a meeting was a complete surprise. Well, if it was an isolated case! During Aven's next trip to America, history repeated itself.
The FBI's interest in the identity of the Russian banker and his partners is understandable. Mikhail Fridman, Pyotr Aven and another co-owner of Alfa-Bank German Khan were mentioned in the dossier of the former British MI6 agent Christopher Steele. In the United States, this document, we recall, formed the basis of the proceedings regarding the possible interference of Russia in the presidential elections. Others would be happy in their place - they served their native country, and you can get an award. But, since at least half of the business of Alfa Group owners is located in the West, the sanctions have become a serious threat to them.
In 2017, even before the appearance of the so-called “Kremlin list”, the management of Alfa-Bank made titanic efforts to minimize the risks of sanctions. The Friedman and Aven Bank, in fact, ran ahead of the locomotive in order to transfer defense loans to the sanitized Promsvyazbank. Market participants say that Alfa was ready to transfer loans at a large discount - if only faster. However, subsequent interrogations of Petr Aven in the United States indicate that this did not help the case. Apparently, the president of Alfa-Bank and its largest shareholders understand that new sanctions can simply kill this credit institution.
Yes, Alfa is one of the eleven systemically important banks in Russia, which account for more than 60% of banking sector assets. Well, so what? Unlike the rest of the participants in this list, most of which are state-owned banks, the brainchild of Fridman and Aven will not be saved by the government. So, they urgently need to get rid of the toxic asset.
As it became known to the media, shortly before the conflict with the official of the Ministry of Industry and Trade Denis Pak, Russian football players Pavel Mamaev and Alexander Kokorin beat the driver of Channel One TV presenter Olga Ushakova.
The process is underway
In the spring, analysts named several possible interested parties who were allegedly eyeing Alfa-Bank. Among those were Sberbank, VTB and Uralsib. Today we can say with confidence that the brainchild of Fridman is in the process of being transferred under the control of managers from VTB. So, in early October, Vladimir Verkhoshinsky, a native of VTB, was elected the first deputy chairman of the board of Alfa. This event did not become a sensation. Verkhoshinsky joined Alfa-Bank in August and took the position of chief managing director for a start. Following this, the Bank began a rapid renewal of personnel. At this point, the credit institution has updated the marketing team. In November, the bank plans to leave the chief operating officer Maria Shevchenko and the head of the Treasury block Igor Knyazev.
The biography of Vladimir Verkhoshinsky contains an important detail: in 2011, when VTB bought the Bank of Moscow, the young manager moved to this structure, and immediately became vice president. In 2016, the Bank of Moscow was reorganized by joining VTB, and Mr. Verkhoshinsky was elected a member of the board. It can be assumed that in the case of the accession of Alfa-Bank, the process will go much faster - it seems that it does not need to be sanitized.
Planned evacuation
It is likely that after the merger with VTB, the current president of Alfa-Bank, Pyotr Aven, will finally leave the territory of the Russian Federation. It appears that he and his associates began preparing their evacuation from Russia long before the imposition of sanctions. Consider, for example, their sale of shares in the Russian oil company TNK-BP in 2013. The beneficiaries of Alfa-Bank received about $14 billion for their share in it, with this money they created the L1 Enegry investment fund in Switzerland, the purpose of which was to purchase oil and gas assets around the world.
If Alfa-Bank comes under the control of VTB, this will mean further monopolization of the banking sector in Russia, a significant share of which is already controlled by the largest credit institutions with state participation. And this means that the Russians may face a decrease in deposit rates, an increase in interest rates on loans and a deterioration in the quality of banking services.
But there is another important point. According to a number of experts, the "merger" of the two banks will be carried out through the exchange of shares between interested parties. VTB can buy out some of Alfa-Bank's stake for money, but for the majority of it, Fridman, Aven and other owners can get VTB shares, which they can then sell or pledge. If the situation develops according to this scenario, then the "locomotive of the people's IPO" under the leadership of Andrei Kostin will again fall in price. According to the rules of the market, the absorbing company almost always loses some of its value. But do Kostin and the managers of the sanctioned state bank have anything to do with the market price of his shares? It seems that they consider the Russian government the sole owner of VTB, and therefore they will again ask him for money for, let's face it, not the most necessary deal. What prevents VTB from occupying the Alfa-Bank niche right now? And will the experience of a private credit institution geared towards a different, market efficiency, be of any use to the state bank?
It seems that no one doubts that VTB will acquire Alfa-Bank. For the first time, information (or rumors) that Alfa-Bank is preparing to sell to another large Russian bank, The media circulated at the beginning of the year, and now it seems that these leaks have been confirmed, and in fact the process is nearing completion, as evidenced by a number of facts and personnel changes in Alpha. Mikhail Fridman, Pyotr Aven and other major shareholders of the bank were pushed to such a step by the so-called “Kremlin report”, writes Versiya.
Back in 2017, the owners of Alfa-Bank used many tools to avoid sanctions risks, however, judging by recent events, the owners understand that the bank has become toxic for them, and new sanctions could destroy the financial institution.
In the spring, experts named Sberbank, VTB and Uralsib among possible buyers of Alfa, but personnel changes in it indicate that the process of the bank's transition to VTB structures is nearing completion.
Take, for example, the fact that at the beginning of the month, Vladimir Verkhoshinsky, who is directly related to VTB, was appointed the first deputy chairman of the board of Alfa-Bank. After his appointment at Alpha, the process of personnel renewal immediately began. By the arrival of VTB's protege, Alfa has also updated its marketing team, and in November, the head of the Treasury department, Igor Knyazev, and the chief operations officer, Maria Shevchenko, will leave the credit institution.
In addition, Alexei Giyazov, a native of Sberbank, joined the ranks of Alfa-Bank's top managers and became marketing director, as reported by the Banksta Telegram channel. According to the editors of the authoritative channel, which at one time predicted the collapse of the so-called banks. "Moscow Ring", Gref's protege was sent, apparently, in order to balance the VTB team in case of a possible takeover.
According to experts, the merger of Alfa with VTB says only one thing: in Russia, the monopolization of the banking industry continues, the lion's share of which is already controlled financial institutions with government participation. All this, in their opinion, can lead to a fall. interest rates on deposits, and to their growth in loans, and in general to a decrease in the quality of services provided to the population.
ABOUT banking system one can talk a lot in the Russian Federation, and here it is worth paying attention to the report of Fitch Ratings analysts. Their report says that the intention to delay the introduction of Basel III requirements (a new international reporting form that obliges banks to have more own funds. - Approx. Auth.) on capital additions to domestic banks will negatively affect their creditworthiness. This will reduce the rate of strengthening of their capitalization, which means that the Central Bank can be influenced by large state-owned banks, which require more time to complete their tasks.
17:41 , 18.10.2018
Rumors that Alfa-Bank could be sold to another major player appeared in early 2018.
Today it is clear that this process is not far from completion. The publication of the “Kremlin report” made the bank a toxic asset for Mikhail Fridman, Petr Aven and its other largest shareholders. They made the choice between Russia and the West five years ago, now it remains to settle the formalities.
Mikhail Fridman
Founder of Alfa Group ( owns more than 75% of Alfa-Bank) Mikhail Fridman does not like the attitude towards Russian billionaires in London and Washington. " We are perceived as Russian oligarchs no matter what we do… In the West, there is a very simplified idea of Russia, just like in Russia about the West: Russia is oligarchs, and all oligarchs are agents of the Kremlin”, Friedman complained in an interview with Forbes magazine. But who specifically offended a simple Russian banker in a foreign land?
Met like a stranger
Mikhail Fridman's emotions are understandable. He actually broke with his homeland, lives in the UK and is its tax resident. And they still consider him an outsider. Although it is possible that during an interview with a Russian business magazine, Fridman recalled a very specific story, or rather, two stories. We are talking about the interrogations that, upon arrival in the United States, his longtime partner, the president of Alfa-Bank, Pyotr Aven, underwent.
Sources say that during another routine trip to the United States, Aven had to answer uncomfortable questions from employees. FBI. Agents met a respected businessman right at the airport and, not allowing him to rest after a long flight, dragged him for many hours of interrogation. Like some terrorist. For Peter Aven, who, by the way, is an honorary citizen of Oklahoma, such a meeting was a complete surprise. Well, if it was an isolated case! During Aven's next trip to America, history repeated itself.
Peter Aven
The FBI's interest in the identity of the Russian banker and his partners is understandable. Mikhail Fridman, Pyotr Aven and another co-owner of Alfa-Bank German Khan were mentioned in the dossier of the former British MI6 agent Christopher Steele. In the United States, this document, we recall, formed the basis of the proceedings regarding the possible interference of Russia in the presidential elections. Others would be happy in their place - they served their native country, and you can get an award. But, since at least half of the business of Alfa Group owners is located in the West, the sanctions have become a serious threat to them.
In 2017, even before the appearance of the so-called "Kremlin list", the leadership " Alfa Bank» has made titanic efforts to minimize sanctions risks. The Friedman and Aven Bank, in fact, ran ahead of the locomotive in order to transfer defense loans to the sanitized Promsvyazbank. Market participants say that Alfa was ready to transfer loans at a large discount - if only faster. However, subsequent interrogations of Petr Aven in the United States indicate that this did not help the case. Apparently, the president of Alfa-Bank and its largest shareholders understand that new sanctions can simply kill this credit institution.
Why would Andrey Kostin buy the bank of Mikhail Fridman living in London
Rumors that Alfa-Bank could be sold to another major player appeared in early 2018. Today it is clear that this process is not far from completion. The publication of the “Kremlin report” made the bank a toxic asset for Mikhail Fridman, Petr Aven and its other largest shareholders. They made the choice between Russia and the West five years ago, now it remains to settle the formalities.
Founder of Alfa Group ( owns more than 75% of Alfa-Bank) Mikhail Fridman I don't like the attitude towards Russian billionaires in London and Washington. " We are perceived as Russian oligarchs no matter what we do… In the West, there is a very simplified idea of Russia, just like in Russia about the West: Russia is oligarchs, and all oligarchs are agents of the Kremlin”, Friedman complained in an interview with Forbes magazine. But who specifically offended a simple Russian banker in a foreign land?
Met like a stranger
Mikhail Fridman's emotions are understandable. He actually broke with his homeland, lives in the UK and is its tax resident. And they still consider him an outsider. Although it is possible that during an interview with a Russian business magazine, Fridman recalled a very specific story, or rather, two stories. We are talking about the interrogations that his longtime partner, the president of Alfa-Bank, underwent upon arrival in the United States. Peter Aven.
Sources " Our version» say that during the next routine trip to the United States, Aven had to answer uncomfortable questions from employees FBI. Agents met a respected businessman right at the airport and, not allowing him to rest after a long flight, dragged him for many hours of interrogation. Like some terrorist. For Petra Avena, who, by the way, is an honorary citizen of Oklahoma, such a meeting was a complete surprise. Well, if it was an isolated case! During Aven's next trip to America, history repeated itself.
Mikhail Fridman and Peter Aven
The FBI's interest in the identity of the Russian banker and his partners is understandable. Mikhail Fridman, Peter Aven and another co-owner of Alfa-Bank German Khan mentioned in the dossier of a former British MI6 agent Christopher Steele. In the United States, this document, we recall, formed the basis of the proceedings regarding the possible interference of Russia in the presidential elections. Others would be happy in their place - they served their native country, and you can get an award. But, since at least half of the business of Alfa Group owners is located in the West, the sanctions have become a serious threat to them.
In 2017, even before the appearance of the so-called "Kremlin list", the leadership " Alfa Bank» has made titanic efforts to minimize sanctions risks. The Friedman and Aven Bank, in fact, ran ahead of the locomotive in order to transfer defense loans to the sanitized Promsvyazbank. Market participants say that Alfa was ready to transfer loans at a large discount - if only faster. However, subsequent interrogations Petra Avena in the USA they point out that this did not help the case. Apparently, the president of Alfa-Bank and its largest shareholders understand that new sanctions can simply kill this credit institution.
Yes, Alfa is one of the eleven systemically important banks in Russia, which account for more than 60% of banking sector assets. Well, so what? Unlike the rest of the participants in this list, most of which are state-owned banks, the brainchild of Fridman and Aven will not be saved by the government. So, they urgently need to get rid of the toxic asset.
The process is underway
In the spring, analysts named several possible interested parties who were allegedly eyeing Alfa-Bank. Among these were Sberbank, VTB And Uralsib. Today we can say with confidence that the brainchild of Friedman is in the process of being transferred under the control of managers from VTB. So, in early October, a native of VTB was elected the first deputy chairman of the board of Alfa Vladimir Verkhoshinsky. This event did not become a sensation. Verkhoshinsky came to " Alfa Bank» in August and took up the position of chief managing director to begin with. Following this, the Bank began a rapid renewal of personnel. At this point, the credit institution has updated the marketing team. In November, the bank plans to leave the chief operating officer Maria Shevchenko and the head of the Treasury block Igor Knyazev.
Biography Vladimir Verkhoshinsky contains an important detail: in 2011, when VTB bought the Bank of Moscow, the young manager moved to this structure, and immediately became vice president. In 2016, the Bank of Moscow was reorganized by joining VTB, and Mr. Verkhoshinsky was elected a member of the board. It can be assumed that in the case of the accession of Alfa-Bank, the process will go much faster - it seems that it does not need to be sanitized.
Planned evacuation
It is likely that after the merger with VTB, the current president " Alfa Bank» Peter Aven finally leave the territory of the Russian Federation. It appears that he and his associates began preparing their evacuation from Russia long before the imposition of sanctions. Recall, for example, their sale of shares in a Russian oil company TNK-BP in 2013. The beneficiaries of Alfa-Bank received for their share in it about 14 billion dollars, with this money they created an investment fund in Switzerland L1 Enegry, the purpose of which was the purchase of oil and gas assets around the world.
If Alfa-Bank comes under the control of VTB, this will mean further monopolization of the banking sector in Russia, a significant share of which is already controlled by the largest credit institutions with state participation. And this means that the Russians may face a decrease in deposit rates, an increase in interest rates on loans and a deterioration in the quality of banking services.
Head of VTB Andrey Kostin
But there is another important point. According to a number of experts, the "merger" of the two banks will be carried out through the exchange of shares between interested parties. VTB can redeem a share Alfa Bank» for money, but for most of it Friedman, Aven and other owners can receive VTB shares, which they can then sell or pledge. If the situation develops according to this scenario, then the "locomotive of the people's IPO" under the leadership of Andrey Kostin will fall in price again. According to the rules of the market, the absorbing company almost always loses some of its value. But do Kostin and the managers of the sanctioned state bank have anything to do with the market price of his shares? It seems that they consider the Russian government the sole owner of VTB, and therefore they will again ask him for money for, let's face it, not the most necessary deal. What's stopping VTB occupy a niche Alfa Bank" now? And will the experience of a private credit institution geared towards a different, market efficiency, be of any use to the state bank?
Alexey Privalov
