Rosbank will learn French

The mortgage crisis that began in the summer significantly reduced the investment attractiveness of Russian banks. The forecasts of market participants who expected that in 2007 many large Russian banks would find new foreign owners did not come true. The only major transaction involving a Western strategic investor was the exercise in December by the French group Societe Generale of an option to purchase 30% plus two shares of Rosbank. The French group received the opportunity to buy shares of Rosbank last fall, when it acquired a total of 20% of the bank's shares; the deal provided for the right of Societe Generale to buy another 30% plus two shares of Rosbank.

The option offer was valid until December 31, 2008. The fact that Societe Generale can implement it ahead of schedule became clear this summer, when the French turned to Russian regulatory authorities for permission to purchase Rosbank shares. In July, the FAS gave a positive answer, and in October, the Bank of Russia. At the same time, it became known that the conditions for purchasing a stake in Rosbank had not changed since last fall. Thus, the total value of Rosbank's controlling stake was $2.3 billion for Societe Generale.

The new owner has not yet announced detailed plans for Rosbank’s development strategy. The example of other Russian banks sold to foreigners shows that Western shareholders prefer to hand over the reins to their compatriots and develop business in Russia under their own name. It is possible that over time Rosbank will change its name.

The sale of Rosbank shares took place in the midst of the “divorce proceedings” of its main owners - businessmen Vladimir Potanin and Mikhail Prokhorov. Recently, the board of directors of KM Invest, a fund owned by entrepreneurs on a parity basis, decided to sell almost all of the group’s assets that it owns both directly and through third parties controlled by it, including the remaining 40% of Rosbank shares . Gg. Prokhorov and Potanin were offered to buy out this stake in Rosbank at the market price. It is unlikely that they will want to remain shareholders of a bank for which they have been looking for a strategic investor for so long. Most likely this package will be offered by Societe Generale.

Irina TSYRULEVA, Natalya ROMANOVA, Nikolay KOCHELYAGIN, Alexey GRIVACH, Nikolay GORELOV, Andrey DENISOV