What happened to Otkritie Bank, causes, possible consequences of reorganization by the Central Bank. Central Bank: the decision to buy "Rosgosstrakh" was a mistake of the bank "FC Otkritie" What the participants of the reorganization say

Dmitry Tulin, First Deputy Chairman of the Bank of Russia, said that the owners of Otkritie applied for help themselves, and the first reports of problems in the bank appeared last fall. According to him, the causes of the disaster were the very business model of Otkritie, or rather, two main factors: the acquisition of the insurance company Rosgosstrakh, the largest player in the loss-making OSAGO market, as well as the “not entirely successful reorganization of Trust Bank.

“The bank's owners realized that they would have to admit the fact of a decrease in regulatory capital to both auditors and rating agencies. The bank's capital, published in the financial statements, apparently was significantly overestimated" Tulin said.

“If we were talking about the revocation of a license or a moratorium on meeting requirements, then there would be risks for the sector, and now we are talking about a significant increase in the financial stability of the bank. We do not expect any turmoil in the banking sector in the foreseeable future."- summed up the first deputy chairman of the Central Bank.

According to the Bank of Russia, from August 3 to August 24, the outflow of client funds from Otkritie amounted to 528 billion rubles: 389 billion rubles for legal entities and 139 billion rubles for individuals. The final size of the hole in the bank is to be determined by the interim administration.

The internal confrontation between the former partners in the project to create the largest private banking and insurance group in the Russian Federation develops into an active confrontation with the prospect of litigation in the courts. The partnership agreement between Rosgosstrakh and Otkritie groups was concluded in 2016.

The former owner of Rosgosstrakh and its former president, Danil Khachaturov, at a press conference at the central office of Interfax on Wednesday announced full compliance with the agreements under the agreement with Otkritie Bank. At the same time, the other party - the Otkritie group - did not fulfill any obligations that were discussed when concluding the deal for the sale of Rosgosstrakh, he said.

"We thought and hoped for negotiations. There are no such negotiations. Negotiations with us are conducted through the press. This is strange. I am already silent about criminal cases," D. Khachaturov said. He admitted that he is considering the possibility of filing lawsuits related to a deal concluded with Otkritie Bank, as a result of which a number of assets of the Rosgosstrakh group passed to Otkritie Bank.

“The insinuations that we didn’t finish something, didn’t finish it, have no basis. We gave everything away, everything that was at that time, at the end of 2016, on the balance sheet or in the group, everything what belonged to me," everything passed to the "Discovery" group. Another question is that the main story of the transaction was that the Otkritie group also had many obligations, none of the obligations are being fulfilled, he continued.

In accordance with previous agreements, D. Khachaturov transferred to Otkritie such assets as Rosgosstrakh, RGS Bank and NPF Rosgosstrakh. In addition, 2,000 real estate objects were transferred as part of the deal. As a result of the transaction, D. Khachaturov was supposed to receive a share in the united company, but due to coincidence, he was forced to transfer all assets for nothing.

“Such an asset as RGS Life was not transferred with other assets of the group, since it did not belong to me since 2015,” D. Khachaturov explained. The fact that Kapital Insurance later moved to Otkritie was explained by the fact that it was on the balance sheet of PJSC Rosgosstrakh. D. Khachaturov told reporters that he did not have any ownership in this company.

In turn, at a press conference in Interfax, the president of the CSKA football club and the RGS Life company, Evgeny Giner, confirmed that he was the ultimate owner of this company and the RGS Medicine company, which specializes in compulsory medical insurance (CMI) and is part of top 3 in terms of the number of insured citizens. Since 2015, he has acted as the owner of companies under an option agreement, now his rights are being finalized, permission from the Federal Antimonopoly Service of Russia has been received.

INTENDED WITH BIG

“Together with Otkritie, which had 3 trillion rubles of assets, I did the largest private financial bank and the largest insurance group in the country. As a result, the financial capabilities of the bank and a small number of clients and offices were connected with the NPF and with the Rosgosstrakh bank, as well as with its huge branch network across the country and the army of Rosgosstrakh sellers. Both parties benefited from the deal. All came out winners," D. Khachaturov said at a press conference.

However, the peculiarity of the situation turned out to be the simultaneous problems of the participants in the transaction. According to the former owner of Rosgosstrakh himself, by the end of 2016 it was obvious to him that the company would receive a loss of 30 billion rubles in 2017. After that, D. Khachaturov came to the Central Bank for negotiations with a rescue plan and a potential investor.

The agreement with Otkritie Bank was concluded in April 2016, and since June, difficulties have already begun at the bank itself, now it is undergoing a sanation procedure, its capital was brought to 1 ruble during the sanation. Then the bank needed additional capitalization; it developed a development strategy until 2021. Rosgosstrakh is considered an integral part of this strategy. By the end of 2020, the insurance company should make a profit of 20 billion rubles. At the end of 2018, his profit will be small.

Commenting on the results of the activities of Rosgosstrakh in 2017, D. Khachaturov said: "According to the annual report under IFRS, the loss of Rosgosstrakh amounted to 58 billion rubles. These losses are divided into two parts. One half is our very expectations and the loss from OSAGO operations in the amount of 30 billion rubles, the rest is the result of a revaluation of the securities of Otkritie Bank itself on the balance sheet of Rosgosstrakh (as previously reported, according to the annual report of Rosgosstrakh, the company received more than 29 billion rubles of loss due to the depreciation of the bank's shares " Opening" and bonds of the holding of the same name).

"For the first quarter of this year, Rosgosstrakh has already made a profit. Due to what? Due to the fact that the share of OSAGO has been radically reduced over the past 3 years, which in 2015-2016 reached 40% of the all-Russian fees for this type. Due to the fact that the rules on in-kind compensation in OSAGO began to work, a strict policy of reducing sales was pursued. They did everything right. Well done. I don’t see any problems with Rosgosstrakh either with reserves or with assets. Goodwill of Otkritie Bank in the deal with Rosgosstrakh, according to the bank's IFRS reporting, amounted to 32 billion rubles in 2017," D. Khachaturov said.

OFFENSIVE

Active offensive actions against partners turned out to be unexpected, D. Khachaturov admitted to journalists. So, according to him, the initiation of a criminal case against his brother and closest partner Sergei Khachaturov "blew the brain."

Earlier it was reported that the Lefortovo Court of Moscow on June 13 planned to consider a petition to extend the detention of the former vice-president of Rosgosstrakh, S. Khachaturov, and the house arrest of the ex-shareholder of Rosgosstrakh Bank, Nadezhda Klepalskaya, accused of embezzlement of more than a billion rubles. The investigation asks to extend their preventive measure for another three months, until September 17. They were charged under Part 4 of Art. 160 of the Criminal Code of the Russian Federation (embezzlement or appropriation of another's property on an especially large scale). The detention took place in Moscow on April 17 by the FSB. On April 18, the Lefortovo Court of Moscow, at the request of the FSB, chose a measure of restraint for them. S. Khachaturov was placed in the Lefortovo pre-trial detention center until June 16. According to the media, the amount stolen can be several times more than 1 billion rubles - up to 5 billion rubles; however, the exact size is still being determined by investigators. S. Khachaturov does not admit his guilt.

D. Khachaturov on Wednesday acknowledged that the initiation of a criminal case against his brother and partner S. Khachaturov is also connected with another part of the deal concluded between the Rosgosstrakh group and the Otkritie bank.

Last week, the Moscow Arbitration Court received a claim from Rosgosstrakh, which belongs to the reorganized Otkritie Bank, for 116 billion rubles, the claim is related to the misuse of a trademark, the main amount of claims was 2 billion rubles, the rest - penalties and fines. A similar lawsuit was filed against RGS Medicine, the amount of the claim is unknown. As E. Giner, the president of the CSKA football club and the RGS Life company, explained to journalists, "the companies themselves have not yet received claims, but they are aware of them." According to him, the assessment of the Rosgosstrakh Zhizn company brand was carried out by an individual private entrepreneur from the region.

“RGS Life has never been on the balance sheet of Rosgosstrakh. It is an independent business, like NPF and Rosgosstrakh Bank. They are connected by a brand and in some places by a network. At one time we acquired the life insurer of the Otkritie group, and the brands were used mutually another 2 years. One of the key provisions of the agreement of 2016 with the Otkritie holding was joint sales in chains. These agreements were reached and fixed under English law in London," D. Khachaturov specified during a press conference.

E.Giner confirmed that the agreement between RGS Life and Rosgosstrakh is still in effect today. “Until recently, Rosgosstrakh and Otkritie Bank regularly received commissions from the sale of RGS Life products. RGS Life did not receive notice of its intention to terminate the existing agreements,” said E. Giner.

Answering questions from media representatives, D. Khachaturov expressed categorical disagreement with the fact that the Rosgosstrakh insurance company is undergoing reorganization. "Rosgosstrakh has no sanitation - this is a fundamental thing. The Rosgosstrakh group has no sanitation. Rosgosstrakh has no state money, neither I nor Rosgosstrakh have any debts to the Otkritie group. If you don’t like the contract that exists, you can apply for its termination,” said the former owner of Rosgosstrakh.

"I do not understand the logic in which parts of the transaction are disputed, despite the fact that it itself is not disputed," the ex-head of Rosgosstrakh explained. At the same time, he specified that, "of course, we are not talking about the return of Rosgosstrakh itself." D. Khachaturov refused to clarify the possible positions formulated in the claims or their amounts, stating that such decisions could be made in the near future.

At the same time, he stressed that he himself and the current owner of the RGS Life company, E. Giner, are ready to conduct a dialogue with interested parties in order to remove all controversial points and resolve all issues in a pre-trial order.

BACKGROUND

In mid-August 2017, the FAS Russia approved a deal between Rosgosstrakh and Otkritie Inform, the owner of Otkritie Holding, Vadim Belyaev. In fact, the insurance company has been under the management of Otkritie managers since February 2017, Rosgosstrakh reported. It was assumed that the former owner of the insurer, D. Khachaturov, would receive a minority stake in the joint structure, but he never received a share. Officially, Otkritie Bank formalized control over Rosgosstrakh on August 28, 2017. Later, the Central Bank announced the reorganization of the bank together with the insurance company. Now the bank owns 96.66% in Rosgosstrakh.

At the end of 2017, the head of Otkritie and chairman of the board of directors of Rosgosstrakh, Mikhail Zadornov, said in an interview with the Kommersant newspaper that "theft reigned from top to bottom" in the company. He admitted that OSAGO losses could affect the company's financial results, but at the same time noted that the company "simply got burned out that its business model does not correspond to today's in any way and has never been aimed at bringing shareholders legal profit. "Apparently, the shareholders of Rosgosstrakh preferred to benefit from owning the company in some other way," he said.

As previously reported, RGS Life was part of the Rosgosstrakh group. After Rosgosstrakh, along with Otkritie Bank, entered the perimeter of the financial recovery carried out by the Central Bank of the Russian Federation, it turned out that since 2016 Alkhas Sangulia has been the ultimate beneficiary of the life insurer. At the beginning of 2018, E. Giner announced that since November 2015, all rights to the RGS Life company belong to him.

The additional capitalization of Rosgosstrakh by Otkritie reached 106 billion rubles in 2017, the insurer said in a press release citing Nikolaus Fry, CEO of Rosgosstrakh.

Financial assistance in solving the problems of IC Rosgosstrakh put the FC Otkritie group in a dangerous position even before the official purchase of the insurance company. This was announced to journalists by the first deputy chairman of the Central Bank of the Russian Federation Dmitry Tulin. According to him, the FC Otkritie bank actually began financing the current activities of Rosgosstrakh at the end of last year.

The decision of the owners of FC Otkritie to buy Rosgosstrakh became known in December 2016.

“The company at that time was experiencing certain financial difficulties, so it was a convenient target for takeover. De facto, the bank began to finance its activities by providing loans. The bank's actual costs of financing these activities far exceeded the initial expectations of the group's owners, and the bank expended a fair amount of liquidity for these purposes, although this was not a fatal step for it. The problem was that they solved the financial problems of Rosgosstrakh, but they themselves put themselves in a very vulnerable position, ”TASS quoted D. Tulin as saying.

The representative of the Central Bank added that although the financing of Rosgosstrakh was not the only reason for the current catastrophic situation of the bank, it became a kind of trigger that "served as a catalyst for the process, brought this event closer."

Recall that on August 29, 2017, the Bank of Russia decided to sanitize FC Otkritie. A temporary administration has been appointed in the credit institution, which includes employees of the Central Bank of the Russian Federation and LLC UK FKBS, as reported on the regulator's website. From the press release of the Central Bank, it became known that PJSC IC Rosgosstrakh is part of the bank's group, where a temporary administration has now been appointed.

According to the results of the 1st half of 2017, the loss of Rosgosstrakh amounted to 20.9 billion rubles, which is 52% higher than the same indicator in 2016. According to the results of last year, the insurance company recorded a loss of 33.3 billion rubles. According to the forecast of the rating agency S&P Global Ratings, "Rosgosstrakh" will face losses in 2017 as well. Further "financial prospects of the company remain uncertain." According to the calculations of the agency's experts, FC Otkritie financed the insurer for at least 40 billion rubles.

“Financial organizations and specialized services included in the Bank’s group, including PJSC Insurance Company Rosgosstrakh”, PJSC National Bank TRUST, PJSC Rosgosstrakh Bank, JSC NPF Lukoil-garant, JSC NPF Electric Power Industry, OJSC NPF RGS, JSC Otkritie Broker, as well as Tochka and Rocketbank will continue to operate as normal and serve customers," the Bank of Russia said in a press release.

Note

Founded in 1992, FC Otkritie Bank is a systemically important credit institution and ranks eighth in terms of assets. The bank's infrastructure includes 22 branches and more than 400 internal structural divisions.

First of all, it is worth remembering that Otkritie Bank was a large credit institution, in fact, a systemically important bank in the Russian Federation. Recall that on August 29, 2017, the press service of the Central Bank of Russia published the news that the Central Bank of the Russian Federation is becoming the main investor in FC Otkritie, and appoints a temporary administration in Otkritie from among the employees of the Central Bank and the management company FCBS ("Banking Sector Consolidation Fund" ). In simple words, the Central Bank took upon itself the solution of the financial problems of Otkritie.

The so-called measures to improve the financial stability of the bank will be implemented in close cooperation with the owners of Otkritie Financial Corporation Bank PJSC, as well as with the cooperation of the management of the credit institution, which is currently experiencing difficulties. The implementation of these measures is intended to stabilize the work of the bank and ensure the continuity of the operation of the Opening in the country's banking market.

Issues discussed in the material:

The press release of the Central Bank of the Russian Federation noted that no moratorium on satisfying the claims of creditors and depositors of the bank will be introduced, nor will the mechanism of converting creditors' funds into shares (bail-in) be used.

For reference: as of the summer of 2017, Otkritie Bank is the largest private bank in Russia and the fourth in terms of assets among all Russian banking groups.

• 3,600,000 private clients
• 247,400 legal entities
• 412 bank offices in 54 regions of Russia
• 15,000 employees
• 2,900 ATMs

What are the consequences of the rehabilitation for Otkritie FC PJSC?

If we talk about the consequences for Otkritie Financial Corporation PJSC, then practically no changes are expected for its constituent financial institutions, that is, they will continue to work as usual, fulfilling their obligations to their customers. The fact that the Central Bank took control of Otkritie Bank will not interfere with the work of the services and companies that are part of the financial group: Rosgosstrakh Bank, Trust Bank, Tochka Bank, Rocketbank, Rosgosstrakh Insurance Company, NPF "RGS", NPF of the electric power industry, NPF "Lukoil-Garant", JSC "Opening Broker", they will continue to work in normal mode.

Experts call information attacks on the bank one of the reasons for the crisis of Otkritie Financial Corporation, for example, in mid-August 2017, a letter of recommendation appeared on the network, sent by an employee of the Alfa Capital management company, reporting problems in large Russian banks, in including at Otkritie Bank. Later, Alfa Capital Management Company will publish a refutation of the information from the letter, but this did not save the situation, even the Central Bank turned to the FAS with a statement to check the Alfa Capital Management Company's press release for signs of unfair competition.

On August 19, 2017, it became known that in order to maintain liquidity, the Central Bank approved a credit line for FC Otkritie, but this did not allow avoiding panic among depositors and account holders. That is, the resulting panic and the outflow of liquidity are called the main reason.

Expert opinions on the causes and consequences of the crisis in Otkritie

Of course, the Central Bank of Russia could not allow the collapse of one of the country's systemically important banks. According to the managing director of the NRA, Pavel Samiev, with the help of the Central Bank, FC Otkritie will be able to quickly restore its pre-crisis performance:

“If the tension with liquidity is removed, the bank can restore business and financial parameters in a short period of time. Due to the negative information background, the bank received a very serious blow to liquidity. Help is needed precisely in the form of help with liquidity. I don’t see the situation in the sense that it is necessary to close any “hole”, the problem is that there is a gap in the maturity of assets and liabilities.”

But Moody's junior vice president Petr Paklin believes that two components became the cause of the crisis:

“The key problem of FC Otkritie was a strong outflow of deposits in July. It occurred both due to changes in regulatory requirements, and because of the negative information background.

Roman Blinov, an expert at the International Financial Center, is sure that the crisis at FC Otkritie was expected:

“It is quite a natural event aimed at stabilizing our banking system. In my opinion, this is not the worst news for the market, and it has been in the market for a long time. The essence of the event is simple: the bank has become too systemic to disappear from the face of the country. But, it seems to me, such a fate can befall almost any bank in our country that lives solely on government injections.”

“If the issue was only liquidity, it could be solved by unsecured lending from the Central Bank... Logically, the main investor should be a fund that will provide money, most likely for additional capitalization, not for lending... Traditionally, a moratorium is introduced at the time of the introduction of an interim administration to satisfy the claims of creditors until the administration completes the study of the quality of the bank's assets. During this time, the Deposit Insurance Agency pays compensation to first priority creditors. Now a moratorium on satisfying creditors' claims is not being introduced ... The decision of the Bank of Russia should have a favorable effect on the market - the bank was actually saved, but for holders of subordinated securities of Otkritie, the situation is still uncertain

Sergey Kislov, partner of the Kovalev, Tugushi and Partners Bar Association, believes:

“It seems that the most likely development of events is the solution of all the problems of Otkritie Bank at the expense of the Fund for the Consolidation of the Banking Sector. At the same time, the main owner of the bank should not change.”

The insurance company and Danil Khachaturov's bank of the same name went to the owners of Otkritie and, ultimately, to the state for free, but with impressive debts.

Rosgosstrakh, just bought by Otkritie, will become one of the main items of expenditure of the Central Bank for the reorganization of the bank. The Central Bank will spend 250-400 billion rubles on the additional capitalization of FC Otkritie. The assessment is preliminary, so the reorganization is likely to be the largest in history. Prior to that, the Bank of Moscow was the record holder, for the improvement of which the state allocated 295 billion rubles.

According to The Bell, the Central Bank has been considering various options for solving the problems of Otkritie since the beginning of 2017. Due diligence of the bank began in May 2017. Information on the withdrawal of assets from the bank from the Central Bank "is not yet available." In the case of Otkritie, one of the main items of expenditure of the Central Bank will be the support of Rosgosstrakh, which has just been bought by the bank. The purchase of an insurer with tens of millions of customers (21.5 million for OSAGO alone) was Otkritie's last major deal on its way to the "too big to fail" status.

OSAGO brought huge losses to Rosgosstrakh (in total, in 2016, the company's net loss amounted to 33 billion rubles, in the first half of 2017 - more than 23 billion rubles). But the shareholders of Otkritie expected that the deal would turn it into the largest private financial group in Russia with assets of 4-5 trillion rubles and 55 million customers.

The former owner of Rosgosstrakh, Danil Khachaturov, was to become a minority shareholder of this largest group. How did it all end? As The Bell found out, Khachaturov, as a result of the sale of Rosgosstrakh, did not receive, as planned, a stake in the Otkritie group.

The sale of Rosgosstrakh by Khachaturov became known at the end of last year. The deal was supposed to be cashless - the insurance company, RGS-Bank and other assets of Khachaturov, including real estate, were supposed to go to the Otkritie group. Prior to the regulator's decision to reorganize the bank, it was planned that Khachaturov would receive a minority stake in the Otkritie holding company for his assets. Vedomosti estimated Khachaturov's future stake at 8%.

The asset sale deal was closed, but Khachaturov did not receive any package, sources close to the bank and Khachaturov himself said. One of the sources close to the businessman interprets the deal as follows: Khachaturov actually gave the company away, getting rid of the unprofitable business. Now it is the problem of the state. The Central Bank promises that Rosgosstrakh and other companies of the Otkritie Bank group will continue to function normally and serve customers. The chief managing director of the insurance company, Nikolaus Frei, hopes that the decision of the Central Bank will help the company overcome the crisis in the OSAGO segment.

In fact, the debts incurred by Khachaturov and the shareholders of Otkritie Bank will now be paid by the Central Bank of the Russian Federation and the Russian budget.