Interest in the Fund to the capitalization of Russian banks, which initiated the establishment of an IFC (International Finance Corporation), was shown by foreign investors. As the "Y", Middle East sovereign fund Abu Dhabi Investment Authority may invest in regional banks $ 100 million interest in participating in the capital stock expressed and other institutional investors, their total investment in the banking sector could reach $ 1 billion
At the disposal of "b" were the documents prepared for the meeting of VEB's supervisory board on the participation of state corporations in the capital of the Fund's capitalization of Russian banks. As follows from the bank, expressed interest to fund a number of foreign investors, among them, in particular, the Middle East sovereign fund Abu Dhabi Investment Authority, which may invest in the equity fund $ 100 million in "interest in participating" in the fund have also demonstrated the Korean Investment Corporation and National Pension Fund of Korea. Source: "b" in the VEB has confirmed the reliability of the materials and their relevance. According to him, they will be considered at the next meeting of the Supervisory Board, the date of which has not been determined.
For the first time the establishment of the Fund's capitalization of Russian banks IFC, a member organization of the World Bank, put forward in 2009. Corporation proposed to establish such a fund in partnership with the state, as well as to private investors. An agreement with IFC in June signed by the Minister of Finance Alexei Kudrin.
Previously reported (see "Kommersant" on 15 June) that the contribution of VEB's capital fund of $ 250 million, plans to list as many IFC, a $ 50 million - the Finance Ministry. The Fund should begin early next year, its volume can reach $ 1.5-1.7 billion rubles., With contributions from IFC, VEB and the Finance Ministry will not increase. As follows from the bank, a fund which will be a period of eight to ten years, plans to invest 10-15 Russian banks, both large and small.
The presentation VEB said that in each of the three or four major banks (10-60th place in terms of assets) may invest $ 100-300 million, and smaller banks (60-200-th place in terms of assets) can be embedded for $ 20-100 million
Manage a fund to be Asset Management Company (AMC, 100-percent "daughter" IFC), to decide which ones in the capital of banks to enter, will be the investment committee. AMS Award for fund management will be 1.5-2% of capital raised and 20% of the profits remaining after payment of the minimum rate of return to investors (at 8% per annum).
The stated rate of return on investments in the banking sector get very real, experts say. "The fund will invest in medium-sized banks that are actively growing and consolidating around a smaller players. To develop further, they need capital and investors after banks get stronger, to capitalize on this", - said Head of Research and strategist Market shares of the company "Capital opening" Vladimir Savov. "This is a promising idea, because the lack of capitalization of small and medium-sized banks has always been a brake on the development of the banking system. In this part of the state - an additional guarantee of reliability of investment for foreign investors", - said deputy general director of "Agana" Oleg Sukharev.
I IFC has experience of investing in Russian banking sector. Thus, a corporation engaged in the capital of MDM Bank, Absolut Bank, Loko-Bank, Primsotsbanka, Rostpromstroybanka, Asian-Pacific Bank. IFC is the largest foreign investor in Russia's banking sector, together with the European Bank for Reconstruction and Development, which since 1994 has participated in 12 capital of Russian banks, including banks, "St. Petersburg", "Spurt" SDM-Bank.
According to Managing Director Vladimir BCS Solodukhina for foreign investors to participate in the capitalization of Russian banks through the IFC fund is a good opportunity to enter the Russian market. "Foreigners are quite difficult to enter the Russian banking sector. The easiest way to do this - buy an exchange-traded stocks on the market but only two" blue chips "- Sberbank and VTB," - said Mr. Solodukhin.
"The cost of entry into the capital of each bank is different and depends on its specificity, risks and profitability," - said the analyst, "Troika Dialog" Olga Veselova. Nevertheless, she agrees that such investments are generally profitable. However, there are exceptions. So, Mrs. Veselov indicates that Barclays paid for Expobank an amount equal to four of its capital, but at the exit of this investment has suffered a loss of $ 100 million and there is a risk that the expiration of the Fund Bank will not be able to hold an IPO or to attract investors .
Meanwhile, the head of one of the largest Russian investment funds said that the main problem of Russia's banking sector - it's opacity. "Suffice it to mention the example of the problems that popped up at the Bank of Moscow. If they have such big players, the smaller banks the situation could be worse. That is why the Russian banking sector is not very popular among domestic investors, although long-term money is, and we "
At the disposal of "b" were the documents prepared for the meeting of VEB's supervisory board on the participation of state corporations in the capital of the Fund's capitalization of Russian banks. As follows from the bank, expressed interest to fund a number of foreign investors, among them, in particular, the Middle East sovereign fund Abu Dhabi Investment Authority, which may invest in the equity fund $ 100 million in "interest in participating" in the fund have also demonstrated the Korean Investment Corporation and National Pension Fund of Korea. Source: "b" in the VEB has confirmed the reliability of the materials and their relevance. According to him, they will be considered at the next meeting of the Supervisory Board, the date of which has not been determined.
For the first time the establishment of the Fund's capitalization of Russian banks IFC, a member organization of the World Bank, put forward in 2009. Corporation proposed to establish such a fund in partnership with the state, as well as to private investors. An agreement with IFC in June signed by the Minister of Finance Alexei Kudrin.
Previously reported (see "Kommersant" on 15 June) that the contribution of VEB's capital fund of $ 250 million, plans to list as many IFC, a $ 50 million - the Finance Ministry. The Fund should begin early next year, its volume can reach $ 1.5-1.7 billion rubles., With contributions from IFC, VEB and the Finance Ministry will not increase. As follows from the bank, a fund which will be a period of eight to ten years, plans to invest 10-15 Russian banks, both large and small.
The presentation VEB said that in each of the three or four major banks (10-60th place in terms of assets) may invest $ 100-300 million, and smaller banks (60-200-th place in terms of assets) can be embedded for $ 20-100 million
Manage a fund to be Asset Management Company (AMC, 100-percent "daughter" IFC), to decide which ones in the capital of banks to enter, will be the investment committee. AMS Award for fund management will be 1.5-2% of capital raised and 20% of the profits remaining after payment of the minimum rate of return to investors (at 8% per annum).
The stated rate of return on investments in the banking sector get very real, experts say. "The fund will invest in medium-sized banks that are actively growing and consolidating around a smaller players. To develop further, they need capital and investors after banks get stronger, to capitalize on this", - said Head of Research and strategist Market shares of the company "Capital opening" Vladimir Savov. "This is a promising idea, because the lack of capitalization of small and medium-sized banks has always been a brake on the development of the banking system. In this part of the state - an additional guarantee of reliability of investment for foreign investors", - said deputy general director of "Agana" Oleg Sukharev.
I IFC has experience of investing in Russian banking sector. Thus, a corporation engaged in the capital of MDM Bank, Absolut Bank, Loko-Bank, Primsotsbanka, Rostpromstroybanka, Asian-Pacific Bank. IFC is the largest foreign investor in Russia's banking sector, together with the European Bank for Reconstruction and Development, which since 1994 has participated in 12 capital of Russian banks, including banks, "St. Petersburg", "Spurt" SDM-Bank.
According to Managing Director Vladimir BCS Solodukhina for foreign investors to participate in the capitalization of Russian banks through the IFC fund is a good opportunity to enter the Russian market. "Foreigners are quite difficult to enter the Russian banking sector. The easiest way to do this - buy an exchange-traded stocks on the market but only two" blue chips "- Sberbank and VTB," - said Mr. Solodukhin.
"The cost of entry into the capital of each bank is different and depends on its specificity, risks and profitability," - said the analyst, "Troika Dialog" Olga Veselova. Nevertheless, she agrees that such investments are generally profitable. However, there are exceptions. So, Mrs. Veselov indicates that Barclays paid for Expobank an amount equal to four of its capital, but at the exit of this investment has suffered a loss of $ 100 million and there is a risk that the expiration of the Fund Bank will not be able to hold an IPO or to attract investors .
Meanwhile, the head of one of the largest Russian investment funds said that the main problem of Russia's banking sector - it's opacity. "Suffice it to mention the example of the problems that popped up at the Bank of Moscow. If they have such big players, the smaller banks the situation could be worse. That is why the Russian banking sector is not very popular among domestic investors, although long-term money is, and we "
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