Qiwi Bank had no signs of bankruptcy – Kommersant

Qiwi Group of Companies (MOEX: QIWI) published a comment in connection with the revocation of the license of Qiwi Bank. In particular, Qiwi said that the financial organization had no signs of bankruptcy. After the liquidation of Qiwi Bank, the remaining capital should be transferred to JSC Qiwi (Russian business of Qiwi), the group added.

Qiwi is not sure that the deal to sell the Russian assets of the group of companies will be closed on time due to the revocation of the license from Qiwi Bank, the agency reports. The statement said that Qiwi will have to reduce or postpone the buyback if the buyer of the group’s Russian assets fails to fulfill its obligations under the deal due to the situation with Qiwi Bank.

“There is no certainty about how events will develop further, how long the liquidation will take and whether, in principle, any funds will be available to Qiwi JSC after the liquidation,” Qiwi said.

Against the backdrop of the commentary of the group of companies, Qiwi depositary receipts grew on the Moscow Exchange by 4.41%, to 284 rubles. for paper. By 21:00 Moscow time, growth had slowed down and amounted to 2.76% with the price per receipt at 280 rubles.

January 19, 2024 Qiwi reported, which will sell its assets in Russia for 23.7 billion rubles. Hong Kong company Fusion Factor Fintech Limited, owned by former chief executive officer of Qiwi plc Andrey Protopopov. January 30 in Qiwi statedthat the sale of assets in the Russian Federation has been completed. After the completion of the transaction, Mr. Protopopov left the board of directors and the post of executive director of Qiwi. Now he runs only a business in Russia – JSC Qiwi.

On February 21, the Bank of Russia revoked the license of Qiwi Bank. After this, the credit institution began to block transactions through Qiwi wallets (replenishment and withdrawal of funds). The Deposit Insurance Agency reported that owners of Qiwi Bank electronic wallets can return the money by submitting an application to the state corporation. Payments to depositors will begin no later than March 6. You can submit an application for compensation to the DIA during the period of bank liquidation; it will be less than a year. You can return an amount of up to 1.4 million rubles. The total amount of funds that are stored in virtual wallets of Qiwi Bank, amounts to 4.4 billion rubles.

Read more about the consequences of revoking the license of Qiwi Bank in the Kommersant article. “Citizens’ Qiwi wallets were cut off”.

Erdni Kagaltynov