Rosbank plans to participate in the auction for the sale of Tochka shares
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According to Kommersant’s information, Rosbank has become a new contender for the Tochka financial company, which is scheduled to be sold at an auction on July 10. At the same time, Qiwi and Sovcombank abandoned their plans to acquire the asset. Sources of Kommersant, despite the narrowing of the circle of potential buyers, expect an increase in the starting price by 1.3-1.5 times, up to 30-35 billion rubles.
Two sources of Kommersant in the financial market said that Rosbank, which has not yet been mentioned among the bidders, plans to participate in the auction for the sale of shares in Tochka, which is being sold by Trust Bank through an English auction for an increase. In total, seven interested persons showed up for the auction (the collection of applications ended on June 30), their names were not disclosed.
As the interlocutor of Kommersant, who is familiar with the preparation of the transaction, clarified, the list of potential buyers of Tochka JSC includes Alfa-Bank, Rosbank, and Vladislav Filev (previously joined the board of directors of Tochka’s minority shareholder Catalytic People Limited, the latter passed to to the new owner – Invest finance LLC Tatyana Fileva). Also, the purchase of the asset was considered by Qiwi and Sovcombank, but later abandoned these plans, a Kommersant source said. All of these structures applied for participation in the auction, he explained.
According to the expectations of the Kommersant source, the price of the asset “may grow from the initial cost of 22.7 billion rubles. up to about 35 billion rubles, since the asset can be considered healthy. Another interlocutor of Kommersant expects that the participants in the auction can stop trading at a range of 30-35 billion rubles.
In the spring, it became known that Tinkoff-Bank, Uralsib and Yandex also claimed Tochka (see Kommersant dated March 23, 2023). Rosbank, Alfa-Bank, Tinkoff, Qiwi and S7 did not respond to requests from Kommersant. “We are not interested in acquiring less than 100% of the shares of the asset,” Sergei Khotimsky, first deputy chairman of the board of Sovcombank, told Kommersant. “Now there is no such possibility.” In “Yandex” they said that they did not participate in the auction.
“Dot” is a remote service for small businesses, mainly for managing a current account. According to information about Tochka’s business posted on the Fabrikant trading platform, 62% of the company’s clients have an annual revenue of up to 5 million rubles, 69% of the base are individual entrepreneurs. The main purchaser of services in recent years (from 2021 to the first quarter of 2023) was FC Otkritie (its former majority shareholder), which traditionally acted as a partner of the company. But the strategy involves the transfer of clients to the Tochka bank, which was created at the beginning of the year.
Bank “Trust” initially planned to put up 90.01% of the shares of JSC “Tochka” for auction at a starting price of 22.7 billion rubles. Trust itself bought shares for 20.9 billion rubles. at FC Otkritie in February 2022. The balance sheet value of the assets of the Tochka group of persons at the beginning of 2023 amounted to more than 14 billion rubles. Toward the end of May, it became known that the initial price of the asset in the framework of the auction will be 24.7 billion rubles.
“The starting price of the auction is determined on the basis of the appraiser’s report on the assessment of the market value. Most likely, two assessments were carried out, ”explains Ekaterina Sinogeikina, general director of the Euroexpert consulting company. In the first report, the market value was most likely determined as of December 31, 2022. But on this date, Tochka did not have a license. In February, the Central Bank issued a license to Tochka, which increased the market value of the asset, she says. The Trust declined to comment.
According to Kommersant’s interlocutor in the market, a number of bidders could refuse to participate in the auction due to the transaction after the change of the minority shareholder, who has the pre-emptive right to buy the entire lot (see Kommersant dated March 23, 2023): “This created risks of alienation package outside the bidding process, which, of course, became uninteresting for market participants in the tender.
In addition, Tochka itself is in the process of transforming its business, the Kommersant source notes, since it recently received a banking license, and “it is not yet clear how it will be possible and whether it will be possible to create competence in bank management and build compliance.”
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