Shares of the highest level – Newspaper Kommersant No. 200 (7401) dated 10/27/2022
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The issue of the mechanism for investors from unfriendly countries to leave Russian banks, which has been hanging since August, has become clear. The presidential decree approved a list of 45 credit institutions that can be sold only with his approval. Shares of participation in the capital of residents of unfriendly countries in other banks must be coordinated by a government commission. Experts note that the scheme allows not only to control the actions of bank owners, but also to influence the choice of a possible friendly buyer of shares in them.
Vladimir Putin approved a list of credit institutions in respect of which a ban on transactions with shares, shares and contributions to authorized capital has been established, unless a special permit has been obtained. There are 45 items on the list in total. Among them are major foreign players, including Raiffeisenbank, Unicredit Bank and Citibank, subsidiaries of Western automakers and others. The list was approved as part of the execution of presidential decree No. 520 of August 5. Document forbids unfriendly non-residents to withdraw from assets in the Russian Federation at least until the end of the year.
It is possible to sell shares in banks from the list, but this will require the personal approval of the President of the Russian Federation. Of those included in the list, several players have already allowed the business to wind down, including through sale. So, in March, Raiffeisen Bank International announcedthat considers “possible options” for the future of Russia’s Raiffeisenbank. In July Andrea Orcel, Chief Executive Officer of Italy’s largest bank Unicredit declaredthat is working on a “gradual exit” from Russia. American Citigroup October 14 officially informedthat plans to curtail almost all operations in Russia by the end of the first quarter of 2023. Formerly group tried sell the bank, or at least the retail business, but she failed.
There are two players under sale. In July it became known that HSBC signed agreement to sell 100% of HSBC Bank to Expobank, October 26 – what Mercedes will sell “Mercedes-Benz Bank Rus” to the dealer “Avtodom” along with the rest of the Russian business.
The list clarified the situation with the sale of banks, which has been hanging since August. According to one of the market participants, it was still not clear with whom to coordinate transactions: “Now there is clarity, banks from the list require approval directly from the president, for other financial institutions that even have a small share of ownership (more than 1%) of residents from unfriendly countries, the approval of the government commission will be required.
The second rule is based on the decree that Vladimir Putin signed on October 15 (No. 737): transactions and operations that directly or indirectly entail the establishment, change or termination of rights to more than 1% of shares or shares in the authorized capital of any financial organization are carried out on based on the permission of the government commission for the control of foreign investment in the Russian Federation. Permission is required if at least one of the parties to the transactions are persons associated with hostile states.
Foreign banks sold before August 5 are not subject to these restrictions. The largest of these transactions was spring sale the French Societe Generale Rosbank to the Interros group of Vladimir Potanin. Another big deal sale PPF Group and Home Credit of HKF-Bank to the ex-head of RTS Ivan Tyryshkin with co-investors. The first part of the acquisition of more than 50% of the bank was closed before August 5, the second – after. However, Kommersant’s sources in the government have no doubt that the deal received all the necessary approvals at that time and there will be no problems with it.
As Anna Avakimyan, chief analyst at RegBlok, believes, the identity of the potential buyer will play the main role in issuing special permits: “If this is an investor from a friendly country, such as India or China, or any large Russian financial and industrial group, there is every reason to believe that that such transactions can be executed fairly quickly. The mechanism is actually a counter-sanction.” According to Ms. Avakimyan, it was developed “essentially in the interests of the largest state-owned banks in order to defend the idea of exchanging assets with foreign players.”
The list of October 26 includes fairly large, systemically important banks with foreign roots, which are one of the few that today regularly service foreign currency payments, Olga Yasko, a partner at Kept legal practice, notes, but a change in ownership can quickly change the situation.
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