Qiwi Bank’s license was revoked for investors – Kommersant
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The revocation of the license from Qiwi Bank had an extremely negative impact on the securities of Qiwi group companies. At the opening of trading, the cost of depositary receipts fell on the Moscow Exchange by almost 25%, to 360.5 rubles. The trading platform was forced to hold a discrete auction. But the “bears” continued to get rid of securities, and by noon the quotes had updated the minimum since 2014 (RUB 240.5). Only after the second discrete auction did the situation stabilize. And at the end of the main session it stopped at 308 rubles, having lost 36% during the day.
The revocation of a license from a Russian bank increased risks for Cypriot Qiwi, which recently entered into a deal to sell it. “We cannot exclude the risk that if the revocation of the license is considered a significant change in circumstances, the terms of the transaction may be revised,” notes Digital Broker analyst Anna Buylakova. According to Sergei Shemyakin, head of the portfolio solutions department at Go Invest, quotes may still grow, but “fundamentally everything is very bad: the risks of not getting money for the sale of a Russian business are very high, without a bank Qiwi as a whole is not of much interest.”
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