The Rostec Matrix

Why the State Corporation of Sergey Chemezov needed a superbank.
24.03.2016
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In an interview with the news agency ITAR-TASS, the head of state corporation "Rostec" (previously known as the "Russian Technologies"), Sergei Chemezov told in detail about the global strategic plans of the company entrusted to him. Plans - enormous. "Rostec", with the filing of its leader, focused on the world's giants - Boeing, General Electric and Samsung. And even he sees himself in this series - not today, but in ten years, after will be the goals and objectives identified in the strategy of development "Rostec" for the period up to 2025. But to transform itself from a military-industrial corporation into a real political matrix, it will much sooner.

Strategic Finance "Rostec" prospects is expected from various sources. But this is only the public assumption, in fact still "Rostec" was and still is a big burden for the Russian budget. The basic in terms of sanctions and isolation from the international capital market, according to Sergei Chemezov, will be two - domestic capital market and optimization of internal corporate cash flows, which generate units « Rostec ". And while under sanctions domestic capital market concept questionable, and internal corporate cash flow is mainly budget injections under the state order and the various programs generated by the Ministry of Industry, headed protege Manturovym Chemezov, it is believed that both problems can realize "one big industrial bank." Means Novikombank association with other banks. It is expected that the new Prombank will "at least the ten largest banks in the country." According to Sergey Chemezov, he had already discussed the idea with the Central Bank and has received support from Elvira Nabiullina. To join there is not much - to find banks that (in the words of Chemezov), would be "pure", without tails and holes. What can be said about Novikombank ...

Holes Novikombank

Novikombank really needed "clean" partners. And just with capital partners would not hurt. This became especially clear after stopping the airline "Transaero", which should be left to the bank almost 9 billion rubles.

Check Novikombank conducted by the Central Bank in January 2016Yes, it showed the need to increase the allowance for doubtful loans, which immediately leads to a demand for an increase in capital (due to which the reserves are formed). This requirement, Fitch Ratings has sounded shortly. It lowered the credit rating by one notch Novikombank - from B to B-, and published their calculations, according to which the share of overdue loans (payments delayed for more than 90 days) increased from 3% in late 2014 to 12% - in the first half 2015. However, adjusted for subsequent bankruptcy only later "Transaero". Another 2% of the total loan portfolio was overdue less than 90 days, and 5% of restructured by the end of the first half of 2015 (ie, in fact it was also defaults).

The agency warned about another circumstance. According to him, about 70% of the total loan portfolio Novikombank had a small group of private corporations, which are not included in the perimeter of the "Rostec". Thus, Fitch's brought down the concept that the bank is a simple application of the state corporation. To top it all intelligence agencies expressed the view that the management of Posteha not supporting "their" (seemingly) bank.

In Fitch release there is also a serious warning - under sanctions, the financial position of even the most important for the state defense enterprises was under threat. To top it all Fitch warned more than vague prospects of 66-billion loan portfolio FUNDSERVICEBANK for improvement which took Novikombank.
The story of the "little" state bank with a high level of political importance and predictable liquidity flows collapsed before our eyes.

It is this pressure, it makes sense to explain the following: the actual owner "Rostec" Chemezov. First of all, there is still decided to turn the bank into the corporate financial center. In early March, the authorized capital Novikombank was increased by 11%. The share of the former owners has been blurred. From the direct control of the bank was removed the former chairman of the board and intended owner "Novikoma" Ilya Gubin. According banki.ru, Gubin at the end of 2013 controlled 82.13% of the shares, the truth to the point afteredney additional issue of his alleged share dropped to 20%.

Divination about who in reality controls reference "Rostec" bank has always been a favorite subject for financial journalists. One way or another, but the owner, apparently, decided to irrevocably transfer a sinking financial institution of the state corporation. In "Rostec" does not hide the intention to consolidate 100% of its shares.

Although Ilya Gubin is still on the board, the bank began to be integrated into the corporate system of "Rostec".

The best thing about this say staffing decisions. March 14 board chairman was appointed Elena Georgieva. Prior to that, the official successor was considered Gubin Pavel Ivanov. His candidacy in mid-December 2015 has already been sent for approval to the Central Bank. But after checking the plans have changed.

By this time, the post of Chairman of the Board of Directors Novikombank has won Andrey Kondratyev, who predictably combines it with the position of Financial Director of "Rosoboronexport" - the foundation of the financial well-being "Rostec".
Regardless of the particular circumstances of integration Novikombank empire "Rostec", it is clear that the state company will try to transform the corporate history of the salvation of his bank in a matter of state importance. And, judging by the statements of Sergey Chemezov, the "assembly" Superbank to the domestic industry, the creation of this legendary story has already begun. More precisely, the revival has already occurred a true story.

The dream of universal Prombank

At an early stage of development of the Soviet economy and management system was an attempt to create Industrial Bank, whose task was to ensure long-term financing of investment projects. As in the case with "Rostec", it was about the financing of priority projects for the USSR in the conditions of the country's political isolation and lack of access to global financial markets. History of Industrial Bank in this sense is quite remarkable. He started out as a commercial bank owned by the government agencies, but later turned into the office to record the correct flow of funds allocated by the state budget to invements. In this form (called Strojbank) institution existed throughout the Soviet period, and then collapsed as a result of the usual scam in 90 years, leaving only a huge building on Tverskoy Boulevard (it is now in the office of "Norilsk Nickel"). It is unlikely that this can be considered the real story of the legendary, but the dream of a "Russian Morgan" - a federal bank capable of providing loans to breakthrough areas of the national economy, has gained a second wind. And not only in the mouth of the head of "Rostec".

Finance and Industry of the Empire turns into political?

Practically simultaneously with Sergey Chemezov, a need for a radical transformation of the domestic banking system made adviser to the Russian President Sergei Glazyev and Oleg Deripaska, whose profession is usually defined by the term "oligarch". Sergei Glazyev proposed the creation of Russia's economy crediting institution by analogy with the German Development Bank KfW.

"There is a proposal to create a separate center kontrkreditovaniya economy, extra-budgetary fund, the cating will be refinanced by the Central Bank ", - quotes Putin's advisor News Agency RNS.

The general tone of statements Chemezov and Glazyev is understandable. In many ways, he explained by the proximity of ideological positions of people from the party "Rodina" and the military-industrial complex, which considers itself the representative Sergei Chemezov. However, some "spiteful critics" spread rumors that this closeness is not only ideological, but also financial.

But much more interesting "coincidence" the positions of the Russian military-industrial lobby and the oligarch, earned a fixed capital on aluminum exports. Prices for the metal recent years, going down almost constantly. With the mark of US $ 2700 per tonne, they fell to 1400 dollars. The reason for the recession - an excess of metal in the market - does not give grounds for optimism. In this situation, the only hope for the domestic monopolist is demand from the military-industrial complex - the main consumer of aluminum in the Soviet era (mass export of this metal was started after the collapse of military production).

But much more interesting "coincidence" the positions of the Russian military-industrial lobby and the oligarch, earned a fixed capital on aluminum exports. Prices for the metal recent years, going down almost constantly. With the mark of US $ 2700 per tonne, they fell to 1400 dollars. The reason for the recession - an excess of metal in the market - does not give grounds for optimism. In this situation, the only hope for the domestic monopolist is demand from the military-industrial complex - the main consumer of aluminum in the Soviet era (mass export of this metal was started after the collapse of military production).

Such a dense mix of money and politics can not be explained by mere coincidence. Let more complex, but also unpretentious efforts to attract low cost funds for the salvation of Novikombank. It probably is about the transformation of the military-industrial complex into a fully fledged political matrix - a system consisting of separate but interrelated elements that could come to power.