New year with new management
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“Kommersant” became aware of the details of the process of VTB’s purchase of Otkritie Bank and plans to change the management of the latter. The acquisition process will be completed before the end of the year. According to the results, the ex-head of HCF-bank Yuri Andresov will move from VTB to Otkritie. Together with Andrey Puchkov, Deputy Chairman of the Board of VTB, he should oversee the integration of banks, as a result of which the Otkritie brand will disappear and its license will be surrendered.
The largest transaction in the Russian financial market – the transfer of Otkritie Bank to VTB will be closed this year, despite the resistance of the latter’s management. According to Frank Media, the cost estimate for Otkritie has changed since the summer by November 30. The appraiser represented by Business Solutions and Technologies (formerly Deloitte) reduced it to 328-374 billion rubles, while as of June 30, according to RBC, it was about 359-386 billion rubles. The amount of the transaction, according to Frank Media sources, will be “slightly above the middle of the new range.”
According to Kommersant’s interlocutors, who are familiar with the details of the preparation of the deal, the fate of the bank’s management has already been decided. According to the agreements of the Central Bank and VTB, members of the board of Otkritie will leave the credit institution, Kommersant sources say. In the future, it will be fully integrated into VTB, and the opening license has been handed over, one of Kommersant’s interlocutors clarifies.
The current head of Otkritie, Mikhail Zadornov, who was one of the sharpest opponents of the sale of VTB Bank, is currently “on vacation, which will end his career in a credit institution,” says one of Kommersant’s sources. The interlocutor of Kommersant in Otkritie itself said: “The top management of the bank knows that Yury Andresov will supervise the association from the inside, and Andrey Puchkov from the VTB side.”
Mr. Andresov has been in the banking business for over 30 years. He held various senior positions at Bashprombank, SBS-Agro, HKF-bank, and headed the latter in 2015-2020. Since October 2021, the top manager moved to VTB, in December of the same year he joined the board of the state bank.
Kommersant’s sources assumed that it was Mr. Andresov who would take the post of head of Otkritie, but at the moment it is only known for certain that he will enter the board as a curator from VTB. “Discussions about the position of the chairman of the board are ongoing,” explains the interlocutor of Kommersant, close to the parties to the transaction. “It seems that VTB still has no clarity on this issue, but it is not worth excluding the candidacy of Mr. Andresov.”
Another possible candidate for the post of head of Otkritie is Gennady Soldatenkov, ex-chairman of the board of BM Bank. It was not possible to contact both top managers of Kommersant.
Officially, VTB and Otkritie did not respond to requests from Kommersant. The Central Bank traditionally does not comment on operating banks.
“In terms of changing the team, given that Mikhail Zadornov did everything to prevent the deal from taking place, it is obvious that he and his team are leaving,” says Dmitry Kurbatsky, managing partner of the Dmitry Donskoy financial group. service that has specific expertise in relation to this particular bank.
“Yuri Andresov has the experience of working as the first person, he can enter the project and lead it,” Artur Shamilov, head of the board of directors of Top Contact, believes. “This is an interesting challenge, since many of the projects that Mr. Andresov planned to launch have paused.”
VTB ranks second in terms of assets and capital at the end of 2021 (reporting data has been classified since March), as of January 1, its equity capital, according to the Interfax ranking, was 18 trillion rubles. Otkritie Bank was sanitized by the Central Bank from August 2017 to July 2019. Now restored and fully owned by the regulator. Otkritie is also among the ten largest; at the beginning of the year, its net worth, according to the Interfax ranking, was 375.7 billion rubles. (6th place).
At the same time, the amount of the transaction raises questions from experts. “The price of one capital seems too high to me – now this is not a market value for a bank,” notes Dmitry Kurbatsky. “Indeed, market transactions today are discussed and made at a price of 0.7 capital.” Previous transactions of this year, for example, the sale of Societe Generale’s stake in Rosbank and Oleg Tinkov’s stake in the group of the same name, generally passed on the basis of an estimate of about 0.2-0.3 capital. At the same time, Mr. Kurbatsky admits, in this case the Central Bank is involved in the transaction, which cannot sell the asset below its face value.
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