The Ministry of Finance told the details of the transaction between Prosvyazbank and SMP-Bank
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He added that the deal is complicated by the fact that since 2014, SPM-Bank has been reorganized by Mosoblbank. “Everything is going according to plan. Negotiations are underway around the assessment and the mechanism. Taking into account the fact that Mosoblbank is also part of SMP Bank, the deal is more complicated. But nevertheless, work on it is underway,” said Moiseev. The deputy minister refrained from disclosing the preliminary assessment of SMP Bank.
On June 23, Kommersant, citing sources in the financial market, reported that Promsvyazbank is considering the possibility of buying a credit institution: the deal has been discussed since December 2021, and at the beginning of this year, PSB conducted due diligence (comprehensive business analysis) of SMP Bank.
One of the publication’s sources noted that PSB could receive, together with SMP Bank, “its own pocket bank of bad assets” in the form of Mosoblbank. According to him, during the reorganization, banks are not required to comply with the Central Bank’s standards, which provokes the reorganization bank to transfer its own bad assets to the balance of the organization being reorganized.
SMP Bank is a large bank with a focus on corporate lending. It has been operating in Russia since 2001 and is represented in 19 regions. The main shareholders are Arkady and Boris Rotenberg. As of the end of 2021, SMP Bank was in 18th place in terms of assets in the Russian banking sector – 725.8 billion rubles.
Promsvyazbank is a systemically important bank in Russia, at the beginning of 2021 it ranked 6th in terms of assets – more than 4 trillion rubles. The loan portfolio mainly consists of loans to companies and individual entrepreneurs. In recent years, PSB has acquired several banks: in 2019 – Svyaz-bank, in 2020 – a subsidiary bank of Roskosmos, and by the end of May 2023 should integrate the Ministry of Bank.
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