Interros is ready to give up its controlling stake

personnel
Today, Chairman of the Board of Directors of Rosbank Andrey Bugrov will resign. The only candidate for his place is the Chairman of the Board of Rosbank, Evgeny Ivanov, who has developed a new development strategy for the bank. She assumes that it will turn into a universal bank, and Interros will give up its controlling stake in Rosbank.
On Friday evening, the chairman of the board of directors of Rosbank announced that he intended to resign. Now he will focus on working at the Interros holding company, where he holds the position of deputy chairman of the board.
This resignation is predetermined by the fact that Rosbank has developed a new development strategy for 2003-2007, the inspiration of which is the chairman of the board of the bank, Evgeny Ivanov. It will be considered today by the board of directors, and if approved, Evgeny Ivanov has every chance to take the post of chairman of the board of directors of Rosbank - it is his candidacy that will be proposed to the board today. Deputy General Director of MMC Norilsk Nickel Alexander Popov is tipped to replace Evgeniy Ivanov.
On Friday, Mr. Ivanov spoke about the new development concept of Rosbank and the reasons for its emergence. According to him, the bank now occupies 1% of the market in a number of sectors, while its shareholders have set the task of increasing this share to 6%. At the same time, the growth of account balances of corporate clients slowed down. “We do not expect a serious increase in liabilities from corporate clients. It is impossible to rely on this for five years,” believes Evgeny Ivanov. Therefore, it was decided to turn the bank into a universal one, which will, in particular, develop retail services. The bank intends to raise about $2.7 billion from more than a million individuals.
According to Kommersant, as of October 1, 2002, the top three in terms of the volume of attracted private deposits looks like this: Sberbank - 638.78 billion rubles (70.12% of the market), Alfa Bank - 20.59 billion rubles (2.26%) and Bank of Moscow - 14.97 billion rubles (1.64%).
The general idea of Rosbank's strategy is to make it attractive for investment and sell part of its shares to third-party investors. As Andrey Bugrov explained, “depending on the market situation, Interros is ready to have not a controlling, but the largest stake in Rosbank.” “The presence of one shareholder limits the growth of the bank’s capitalization, and our goal is for us not to be associated with Interros, but to be an independent business, a bank,” believes Mr. Ivanov.
Rosbank has already taken the first step in this direction: it has fully disclosed the structure of its shareholders. According to Evgeny Ivanov, “75% of Rosbank’s shares now belong to Interros, 20% to Surgutneftegaz and 5% to minority shareholders.” This bears little resemblance to the official data provided by the Central Bank. According to these data, Rosbank shareholders owning more than 5% are: OJSC "Surgutneftegas" (7.5%), CJSC "Interros-Estate" (36.01%) and owned equally by the head of "Interros" Vladimir Potanin and the general director " Norilsk Nickel" to Mikhail Prokhorov CJSC "KM Invest" (8%).
In order to attract investors, Rosbank intends to achieve a return on invested funds of 30% per annum in foreign currency. Of these, 18% is expected to be used to increase the bank's capitalization, after which by 2007, as Evgeny Ivanov said, the market value of Rosbank shares in relation to the balance sheet will not be lower than 7:1. The remaining 12% is intended for payment of dividends on Rosbank shares.
Rosbank is ready to attract investors this year. This is evidenced by the intention of the board of directors of Rosbank to recommend to the meeting of shareholders to pay dividends for 2002, which neither Rosbank nor ONEXIMbank, of which it is the legal successor, had previously done. At the same time, Rosbank is ready to attract not only Russian, but also foreign investors, for which consultants from Deloitte & Touche were invited to develop the bank’s development strategy.
KIRILL J-YACHEISTOV

Newspaper "Kommersant" No. 22/P dated 02/10/2003, p. 15

Rosbank is looking for buyers