Appointment of Dmitry Levin, Chairman of the Board of Vostochny Bank, and Alexei Kordichev's resignation from this post may be due to future changes in the bank's shareholding structure. According to Kommersant's data, Baring Vostok funds, which currently control Vostochny, intend to gradually withdraw from the capital of the credit institution, while the co-owner of the bank Artem Avetisyan, on the contrary, will increase the stake.
Yesterday, Vostochny announced the change of leader. Acting (i.o.) predpravleniya bank appointed Dmitry Levin, ex-head of the bank "Russian Standard". Alexey Kordichev, who still headed the bank, will remain an adviser to the board. "The change in the management of the bank took place, as it was planned earlier. Dmitry Levin came to the bank in the summer of this year, an agreement on his appointment as chairman of the board was reached in advance, "the press service of the bank told Kommersant. This despite the fact that for several months in the "East" denied plans for such personnel reshuffles. Dmitry Levin and Alexey Kordichev did not respond to inquiries from Kommersant.
Dmitry Levin from 2001 to 2016 served as the presidency of the bank "Russian Standard". Then he worked as a managing director of Rosgosstrakh-bank for a short time, and in September of this year became the first deputy chairman of the board of Vostochny. Alexey Kordichev also worked in the "Russian Standard": from 2010 to 2013 he headed the risk control unit, he was responsible among other things for recovery of overdue debts. In 2013, Mr Kordichev led the risk block in Vostochny, and in October 2015 he was appointed as the bank's chairman.
The change in the bank's pre-management may be due to changes in the alignment of forces among its shareholders, several sources of Kommersant believe in the banking market. Control in the "East" now, according to information on the website of the Central Bank, from the funds of Baring Vostok. After joining Uniastrum Bank in January of this year to Vostochnoye, the shareholding of Evizon Holdings Limited (the Baring Vostok fund company) was 44.5%. In April, Evizon purchased the stake of the company "Troyte Investments Limited", after which it became the owner of 52.5% of the shares. The former shareholder of Uniastrum Artem Avetisyan belongs to Vostochny 32.02%. But, according to Kommersant sources close to Vostochnoye, Mr. Avetisyan has an option to buy a block of shares, which allows him to gain control in the bank.
Alexei Kordichev is a man of the Baring Vostok funds, and Dmitry Levine was invited by Artem Avetisyan, Kommersant sources familiar with the situation say. According to him, for Mr. Kordichev, the removal from the post of the presidential office in favor of Mr. Levin was not obvious: Baring Vostok representatives assured him that there would be no such rearrangements. "Yesterday's reshuffling means that Artyom Avetisyan received a carte blanche," one of Kommersant sources points out. A few days earlier, Mr. Avetisyan was appointed chairman of the board of directors of Vostochny. "Expected to exist, about the implementation of the option, but so far this has not happened," said a source close to the bank. "Baring Vostok funds are going to gradually reduce their package." Mr. Avetisyan did not respond to the request of Kommersant. Representatives of the Baring Vostok funds declined to comment.
Funds Baring Vostok do not like to be key shareholders, and the situation with the bank "East" is compelled, experts say. "It's logical that they try to get away from this situation as soon as possible," said the head of the Expert RA Validation Department Stanislav Volkov. "Artem Avetisyan is a banker who is interested in developing a normal banking business. It is better for a bank to influence processes, rather than funds that are not sharpened for this. "
Mr. Levin, as a retail banker with vast experience, will be able to help stabilize the situation in the bank, which still leaves much to be desired. So, in November, the international agency Fitch downgraded the rating of "Eastern" from В- to CCC (the bank is likely to default). The reason is a noticeable deterioration in the quality of the bank's capital after its merger with Uniastrum. According to Interfax CEA, the loss of Vostochny in the third quarter amounted to 678.7 million rubles. The Bank ranks 40th in terms of assets (219.9 billion rubles). "The main business of the East is still retail," notes Stanislav Volkov. "And the most important task for the near future is to maximize cash flow from the retail portfolio."
Yesterday, Vostochny announced the change of leader. Acting (i.o.) predpravleniya bank appointed Dmitry Levin, ex-head of the bank "Russian Standard". Alexey Kordichev, who still headed the bank, will remain an adviser to the board. "The change in the management of the bank took place, as it was planned earlier. Dmitry Levin came to the bank in the summer of this year, an agreement on his appointment as chairman of the board was reached in advance, "the press service of the bank told Kommersant. This despite the fact that for several months in the "East" denied plans for such personnel reshuffles. Dmitry Levin and Alexey Kordichev did not respond to inquiries from Kommersant.
Dmitry Levin from 2001 to 2016 served as the presidency of the bank "Russian Standard". Then he worked as a managing director of Rosgosstrakh-bank for a short time, and in September of this year became the first deputy chairman of the board of Vostochny. Alexey Kordichev also worked in the "Russian Standard": from 2010 to 2013 he headed the risk control unit, he was responsible among other things for recovery of overdue debts. In 2013, Mr Kordichev led the risk block in Vostochny, and in October 2015 he was appointed as the bank's chairman.
The change in the bank's pre-management may be due to changes in the alignment of forces among its shareholders, several sources of Kommersant believe in the banking market. Control in the "East" now, according to information on the website of the Central Bank, from the funds of Baring Vostok. After joining Uniastrum Bank in January of this year to Vostochnoye, the shareholding of Evizon Holdings Limited (the Baring Vostok fund company) was 44.5%. In April, Evizon purchased the stake of the company "Troyte Investments Limited", after which it became the owner of 52.5% of the shares. The former shareholder of Uniastrum Artem Avetisyan belongs to Vostochny 32.02%. But, according to Kommersant sources close to Vostochnoye, Mr. Avetisyan has an option to buy a block of shares, which allows him to gain control in the bank.
Alexei Kordichev is a man of the Baring Vostok funds, and Dmitry Levine was invited by Artem Avetisyan, Kommersant sources familiar with the situation say. According to him, for Mr. Kordichev, the removal from the post of the presidential office in favor of Mr. Levin was not obvious: Baring Vostok representatives assured him that there would be no such rearrangements. "Yesterday's reshuffling means that Artyom Avetisyan received a carte blanche," one of Kommersant sources points out. A few days earlier, Mr. Avetisyan was appointed chairman of the board of directors of Vostochny. "Expected to exist, about the implementation of the option, but so far this has not happened," said a source close to the bank. "Baring Vostok funds are going to gradually reduce their package." Mr. Avetisyan did not respond to the request of Kommersant. Representatives of the Baring Vostok funds declined to comment.
Funds Baring Vostok do not like to be key shareholders, and the situation with the bank "East" is compelled, experts say. "It's logical that they try to get away from this situation as soon as possible," said the head of the Expert RA Validation Department Stanislav Volkov. "Artem Avetisyan is a banker who is interested in developing a normal banking business. It is better for a bank to influence processes, rather than funds that are not sharpened for this. "
Mr. Levin, as a retail banker with vast experience, will be able to help stabilize the situation in the bank, which still leaves much to be desired. So, in November, the international agency Fitch downgraded the rating of "Eastern" from В- to CCC (the bank is likely to default). The reason is a noticeable deterioration in the quality of the bank's capital after its merger with Uniastrum. According to Interfax CEA, the loss of Vostochny in the third quarter amounted to 678.7 million rubles. The Bank ranks 40th in terms of assets (219.9 billion rubles). "The main business of the East is still retail," notes Stanislav Volkov. "And the most important task for the near future is to maximize cash flow from the retail portfolio."
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