Details of the integration of Tinkoff and Rosbank became known
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Tinkoff Team (MOEX: TCSG)-bank will be leading in the process of its integration into one group with Rosbank, Kommersant’s sources in the market say. According to their information, issues of closing low-profit business segments, including the reorganization of the branch network, are already being discussed. Experts believe the process could take “months, even years.” Tinkoff Bank only emphasizes that even the decision on integration has not yet been made.
As several interlocutors told Kommersant in the financial market, the Tinkoff Bank team “led the process of integration” of Rosbank into the perimeter of TKS Holding, which was announced last week (see Kommersant on March 15). The key role in the process will be played by the head of Tinkoff Bank Stanislav Bliznyuk, two Kommersant interlocutors clarify.
Another Kommersant source adds that on March 15, the bank’s management already “had a call” with the Rosbank team, voicing the idea of closing its “unprofitable business lines.” In particular, Kommersant’s interlocutor clarifies, we are talking about areas that generate return on equity (ROE) below 30%. The overall profitability of Rosbank at the end of 2023 was 13%. This is more than half as much as for the Tinkoff group (33.5%) and significantly less than the market average (25.9%).
At the same time, Kommersant’s sources say, “the issue of the network of Rosbank branches was raised” (according to the Central Bank website, 210 branches and 10 branches). However, according to one of Kommersant’s interlocutors, “there are no specific plans for the network yet.” Several Kommersant sources admit personnel changes in management and general staff reductions at Rosbank.
The banks themselves claim that “the information does not correspond to reality,” without, however, specifying what exactly they are talking about. Tinkoff Bank only emphasized that “no decisions have been made by the shareholders regarding the integration of Rosbank into TKS Holding.” So far, the holding has officially only announced plans to convene an extraordinary meeting on the issue of placing additional shares, including for the acquisition of Rosbank shares.
Experts believe that the planned integration of banks will take a long time. As the head of the board of directors of Top Contact, Artur Shamilov, notes, now “the task is to create a banking group; before that, personnel decisions will not be made.” In his opinion, in the end everything will depend on the chosen strategy: “Completely combine or not, keep two brands or not, and so on.” Mr. Shamilov believes that “this is a matter of the next few months.” Managing partner of Prospekt AB Oleg Bychkov adds that the entire integration process may take one to two years.
In the event of a merger, Mr. Shamilov says, there is a great risk of “spillover of values,” since banks “have different approaches to business and corporate culture.” He believes that “it would be more logical to create a common corporate center, but business units can be different, and only those with synergy will be united.” He cites the Santander group as an example, where “there is one back office, but different brands, product lines and customer segments.”
At the same time, experts note that the beneficiary of the banks (their key common owner is Vladimir Potanin’s Interros) is trying to optimize financial assets. “I believe that the key point here is to optimize expenses and bring similar businesses to one degree or another to one model or concept, especially taking into account the shrinking market and new challenges facing business in the Russian Federation,” explains Oleg Bychkov.
On the first day of trading in TCS Holding shares, March 18, the trading volume in them during the main session on the Moscow Exchange reached 39.1 billion rubles, many times exceeding the indicators of other issuers on this day and setting a record for the entire period of trading in TCS Group depositary receipts Holding. The closing price of the main session for TCS shares was 3,057 rubles, repeating the closing price of the last day of trading in TCS Group depositary receipts a month ago. During this time, the MOEX index grew by only 0.9%. During trading, shares of TKS Holding decreased by 6%. However, according to stock market expert at BCS World of Investments Albert Koroev, “a common factor after redomiciliation is a certain overhang of sellers, after the disappearance of which the quotes are restored.”
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