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September 22, 2014
This is bne's Russia banking weekly newsletter, a list of the top stories in region last
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BANKER TOP STORY
1. Central Bank continues anti-money laundering campaign
2. Forex borrowers unnerve Poland's establishment
3. Sanctions will increasingly weigh on Russian banks' funding and liquidity profiles
(but they will survive)
4. Swift protests Europarliament calls to exclude Russia
BANKER NEWS
5. CEE Banks Have $10 Billion FX Loan Risk in CEE: Berenberg
6. Losses of Russian banks increased more than 40% in August
7. Sanctions will increasingly weigh on Russian banks' funding and liquidity profiles
(but they will survive)
8. Sberbank feels effect of sanctions — CEO
BANKER EE
9. Russian Central Banker Sees No Return to Capital Controls
10. Russian Fin Ministry, CBR mull helping banks on sanctions
11. Russian government agreed to provide $1.55bn to Belarus
12. Sberbank to give вВђ100m sub loan to EU unit
BANKER EE - FROM THE DAILIES
13. AFK Sistema, MTS: MTS Bank could receive additional capital injection
14. Austria Says Banks at Risk From Sanctions on Russia
15. Canada Quietly Removes 2 Russian Banks 'Mistakenly' on Sanctions List
16. Funding weak in Aug, retail lending decelerates sharply
17. Privatbank 1H14 IFRS; low visibility
BANKER CE - FROM THE DAILIES
18. BNP seeks higher profitability in Poland after acquisition
19. Bank lending to the Czech economy lags in first half
20. Forex loans high on Hungarian parliament's agenda
21. Hungarian PM outlines forex loans schedule
22. Hungarian banking association slams settlements law
23. Hungarian banks must settle refunds by February insists senior Fidesz official
24. Hungarian central bank will assist conversion of џ8bn of FX loans
25. Hungarian minister calls for new era in banking
26. Polish banks Alior and Getin eye Meritum acquisition
27. Press reports on Hungarian PM meetings with bank heads
BANKER SE - FROM THE DAILIES
28. Bulgaria: CCB shareholder under house arrest in Belgrade
29. Albanian central bank governor out of jail and under house arrest
30. Chief shareholder of Bulgaria's Corpbank surrenders in Serbia
31. Corpbank Holders Seek Bulgaria Meeting to Draft Bank Plan
32. Turkey: Bank Asya moves to save capital as president calls on watchdog to
intervene
BANKER TOP STORY
1. Central Bank continues anti-money laundering campaign
bne
September 17, 2014
Russia's central bank has revoked the licence of two more small banks for
involvement in shadow economy activities and money laundering, the latest in
dozens of small banks to lose their licenses.
One of these banks, Bank24.ru was involved in "dubious operations with large
volumes of cash and non-cash funds," according to a central bank press release. The
bank was 276th largest, and part of a group of six similarly sized banks.
The central bank also September 16 revoked the licence of Intrastbank, Russia's
247th largest, for failure to pay creditors. September 11 the central bank revoked
the licence of Trastovyi republicanskii bank for performing dubious operations
connected with moving around $300m abroad January-August 2014. Since heading
the central bank in march 2014, central bank chairperson Elvira Nabiullina has
revoked the licence of dozens of the tiny banks that make up the bulk of Russia's
over 1000 banks, and of which many are believed to participate in money laundering
and provision of tax evasion services.
Read more here: http://www.bne.eu/page/bnerussia-daily-list/central-bankcontinues-anti-money-laundering-campaign
2. Forex borrowers unnerve Poland's establishment
Jan Cienski in Warsaw
September 19, 2014
Poland's dalliance with foreign currency mortgages, especially those denominated in
Swiss francs, continues to cast a pall over the country's banking system as worries
grow about the rising strength of the franc due to rising political turmoil in Europe.
As elections loom, irate borrowers of such loans also make a tempting target
audience for populist politicians.
Forex loans in Swiss francs were enormously popular in Poland before the economic
crisis of 2008, with about 80% of all mortgages being denominated in foreign
currencies. The reason was that Swiss interest rates were significantly lower than
those set by the National Bank of Poland; about 700,000 borrowers succumbed to
the temptation. Forex loans now account for 48% of outstanding mortgages.
The risks of that sort of a strategy became apparent after the failure of Lehman
Brothers, when the zloty's value against the Swiss franc plummeted. Most borrowers
had taken out mortgages when the franc cost about PLN2.4 - the rate briefly shot up
to PLN4. Today it's around PLN3.5.
Read more here: http://www.bne.eu/page/bnecentral-europe-daily-list/forexborrowers-unnerve-polands-establishment
3. Sanctions will increasingly weigh on Russian banks' funding and liquidity
profiles (but they will survive)
Standard & Poor's
September 19, 2014
Sanctions imposed by the EU and U.S. on state-related Russian banks following the
escalation of geopolitical tensions between Russia and Ukraine could gradually harm
the funding and liquidity profiles of the country's banks, in Standard & Poor's Ratings
Services view. EU sanctions prohibit the purchase, sale of, or dealing in securities
and money-market instruments with a maturity exceeding 30 days by major stateowned financial institutions: Sberbank, VTB, Bank of Moscow, Gazprombank, Russian
Agricultural Bank, and Vnesheconombank. These measures complement U.S.
sanctions that apply similar prohibitions for U.S. citizens and companies within the
U.S.
We believe that the credit quality of Russian banks will not suffer immediately from
the restrictions on tapping EU and U.S. capital markets. Our analysis suggests the
sector has enough liquidity to refinance its international debt falling due until the end
of 2015. However, the longer restrictions on capital market access last, the larger
funding imbalances will become, potentially calling into question the banks' capacity
to adequately finance the economy. Furthermore, we think the indirect consequences
of the sanctions are likely to have a more pronounced longer-term impact. In
particular, the erosion in investor confidence, a general perception of higher risk of
financing Russian banks, plus the possibility of increased flights of capital and weaker
economic growth in Russia, could be more painful for the sector as a whole than the
immediate consequences. The banks will also face higher funding costs.
We consider the immediate impact of Western sanctions to be manageable for
Russian banks because their reliance on funding from international capital markets is
limited.
б However, prolonged sanctions, accompanied by an economic slowdown and capital
outflow, would drag on the funding and liquidity profiles of all Russian banks by
raising the cost of borrowing and cutting customer confidence.
б Retail deposits, which have been key in building banks' funding bases since the
2008-2009 financial crisis, are now also stagnating, so that corporate deposit
stability is becoming critical to banks' funding profiles.
б We believe banks will increasingly rely on central bank funding, which would
alleviate immediate refinancing squeezes but will ultimately weaken their funding
and liquidity profiles.
We therefore believe that funding and liquidity risks, together with deteriorating
asset quality, will be the main triggers for negative rating actions on Russian banks
over the next few quarters. More than two-thirds of our outlooks on Russian banks
are already negative. The longer sanctions last, the more acute funding imbalances
and liquidity pressures could become.
<b>Banks Will Likely Absorb The Short-Term Costs Of Sanctions</b>
More than 50% of Russia's banking sector assets are directly affected by external
sanctions, aimed at restricting these banks' access to external capital markets. We
nevertheless believe that the immediate impact of the sanctions on banks will be
limited because the Russian banking sector doesn't rely strongly on external funding
(see chart 1).
According to our analysis, Russian banks will need to refinance about US$57 billion of
external debt in 2014-2015, which we believe they will be able to cover with their
liquidity reserves. We also expect that the Central Bank of Russia (CBR) would
provide funding support to the affected banks, if needed.
In the first eight months of 2014, Russian banks raised about $27 billion of funding
from the internal and external capital markets--about 6% less than over the same
period of the previous year. Yet, notably, they have placed only $9 billion
international issues so far in 2014 versus $16 billion in the corresponding period of
last year. We believe this highlights deteriorating investor confidence in Russian
borrowers. We expect that Russian banks will be able to raise only modest amounts
on capital markets over the coming quarters to the end of 2015 if the current
situation persists and the largest state-related banks are less able to access the
external markets. We nevertheless believe that the amounts the largest banks'
raised in the first half of 2014 will sufficiently meet their funding needs for the rest of
2014 and through 2015 given that lending demand from Russian corporate clients is
falling and retail lending is also slowing.
//IMG:0914_Russia_bank_debt_redemption_external_schedule.jpg:IMG//
4. Swift protests Europarliament calls to exclude Russia
bne
September 19, 2014
International payments system SWIFT has criticized a recommendation by the
European parliament to exclude Russia as infringing its basic rights.
"The singling out of SWIFT in this manner interferes disproportionately with SWIFT's
fundamental right to conduct business and its right to property. It also constitutes
discriminatory and unequal treatment. Explicitly mentioning SWIFT in a European
Parliament resolution of this kind on such an international sensitive matter also
creates immense damage to our company's reputation," the press release read.
One of thirty-six non-binding recommendations passed by the European Parliament
in response to Russian aggression in Ukraine September 17 "calls for the EU to
consider excluding Russia from civil nuclear cooperation and the Swift system."
Read more here: http://www.bne.eu/page/bnerussia-daily-list/swift-protestseuroparliament-calls-exclude-russia
BANKER NEWS
5. CEE Banks Have $10 Billion FX Loan Risk in CEE: Berenberg
Bloomberg
September 19, 2014
Banks in eastern Europe may face 8 billion euros ($10 billion) of losses on loans in
foreign currencies, according to a study by Berenberg Bank analysts.
Read more here: http://www.bne.eu/page/bnecentral-europe-daily-list/cee-bankshave-10-billion-fx-loan-risk-cee-berenberg
6. Losses of Russian banks increased more than 40% in August
bne
September 20, 2014
Losses of Russian banks increased 43% in August 2014 compared to July and
reached RUB60.7bn as of September 1, according to the Banking Sector Review
published by the Bank of Russia on September 15.
In August, the number of loss-making credit institutions decreased by one to 217
versus 218 a month earlier, the Bank of Russia notes. The number of profit-making
banks decreased to 650 in August from 657 in July. Total profit of the banking
system increased to RUB652.7bn (by 17.5%) as of September 1 compared to the
figures as of August 1, 2014.
7. Sanctions will increasingly weigh on Russian banks' funding and liquidity
profiles (but they will survive)
S&P
September 19, 2014
Sanctions imposed by the EU and U.S. on state-related Russian banks following the
escalation of geopolitical tensions between Russia and Ukraine could gradually harm
the funding and liquidity profiles of the country's banks, in Standard & Poor's Ratings
Services view.
Read more here: http://www.bne.eu/page/bnerussia-daily-list/sanctions-willincreasingly-weigh-russian-banks-funding-and-liquidity
8. Sberbank feels effect of sanctions — CEO
ITAR-TASS
September 19, 2014
Russian savings bank Sberbank feels the impact of sanctions and ponders possible
transition to domestic market of borrowings, Sberbank CEO German Gref said in an
interview with TV news channel Rossiya 24.
“Sanctions certainly affect conditions for business. As for financial sector and
banking sector, we feel it to the full extent. In fact, all foreign markets are closed
today and sweeping work is being done to shift to domestic sources of funding,” Gref
said.
Read more here: http://en.itar-tass.com/economy/750259
BANKER EE
9. Russian Central Banker Sees No Return to Capital Controls
Bloomberg
September 18, 2014
Russia's central bank is looking to buttress its financial system against sanctions over
the Ukraine conflict without returning to capital controls abandoned eight years ago,
the bank's first deputy chairman said.
Read more here: http://www.bne.eu/page/bnerussia-daily-list/russian-centralbanker-sees-no-return-capital-controls
10. Russian Fin Ministry, CBR mull helping banks on sanctions
bne
September 16, 2014
Russia's Finance Ministry and the central bank are discussing helping the banking
sector, which lacks access to Western long-term borrowing markets after the
European and U.S. sanctions, Deputy Finance Minister Alexei Moiseyev said,
according to Prime.
вАЬWe are considering this issue; we are discussing this with the central bank. But
firstly, this is an issue to be solved by the central bank because we do not have
foreign currencies," Moiseyev said. There is a structural deficit of U.S. dollars on the
Russian market already, he said.
Moiseyev also added, the government decided to postpone the deadline for Visa and
MasterCard to start providing all processing services in Russia using capacities on the
Russian territory. The deadline was previously slated for October 31. The payment
systems did not manage to find a partner for processing in Russia by the beginning
of September, Visa and MasterCard said earlier.
11. Russian government agreed to provide $1.55bn to Belarus
bne
September 16, 2014
Russia's government has approved a draft agreement to provide a $1.55bn state
loan to Belarus in 2014, according to a statement published Tuesday on the
government's legal information Web site.
Belarus will use the money to redeem and service its state debt and increase gold
and foreign exchange reserves. The loan is to be repaid in 20 equal semiannual
tranches, with the first payment to be transferred on January 15, 2019.
12. Sberbank to give вВђ100m sub loan to EU unit
bne
September 18, 2014
Russia's biggest lender Sberbank will give its E.U. affiliate Sberbank Europe a 10year 100 million euro subordinated loan, the bank said in a statement seen by Prime.
The interest rate of the loan was not disclosed.
BANKER EE - FROM THE DAILIES
13. AFK Sistema, MTS: MTS Bank could receive additional capital injection
UralSib
September 17, 2014
MTS Bank could double its chartered capital ... The Central Bank of Russia has
registered a new share issue from AFK Sistema (SSA LI - Not Rated) subsidiary MTS
Bank, Interfax reported on Friday. MTS Bank may place 3,792,658 shares via closed
subscription, each with a par value of RUB500. This would double the bank's
chartered capital.
Read more here: http://www.bne.eu/page/bnerussia-daily-list/afk-sistema-mts-mtsbank-could-receive-additional-capital-injection
14. Austria Says Banks at Risk From Sanctions on Russia
Moscow Times
September 19, 2014
Austrian banks are most at risk from potential sanctions by Russia against Vienna in
a tit-for-tat escalation with the West over the political crisis in Ukraine, Austrian
Finance Minister Hans Joerg Schelling told a newspaper.
Read more here: http://www.bne.eu/page/bnerussia-daily-list/austria-says-banksrisk-sanctions-russia
15. Canada Quietly Removes 2 Russian Banks 'Mistakenly' on Sanctions List
Moscow Times
September 19, 2014
Canada, one of the harshest critics of Russia's involvement in Ukraine, this week
quietly canceled sanctions against Expobank and RosEnergoBank, two small Russian
banks on which it imposed the measures earlier this year.
Read more here: http://www.bne.eu/page/bnerussia-daily-list/canada-quietlyremoves-2-russian-banks-mistakenly-sanctions-list
16. Funding weak in Aug, retail lending decelerates sharply
Alfa Bank
September 17, 2014
The CBR yesterday released August banking stats that raise concerns on both the
liabilities and asset sides. First, retail deposit growth remained weak at 8% y/y,
reflecting the withdrawal of FX deposits from the banking system, which is a trend
that is reinforced by the fear of sanctions against Russian banks.
Read more here: http://www.bne.eu/page/bnerussia-daily-list/funding-weak-augretail-lending-decelerates-sharply
17. Privatbank 1H14 IFRS; low visibility
VTB Capital
September 19, 2014
Privatbank has posted unaudited 1H14 financials on its website.
Since not much has changed in provisions or the capital position (which to some
extent might be a result of delayed loss recognition), the results mainly show the
effects of hryvna devaluation on P&L (near-zero net profit), FX asset revaluation and
liquidity (deposit outflow vs. NBU funding).
Read more here: http://www.bne.eu/page/bneukraine-daily-list/privatbank-1h14ifrs-low-visibility
BANKER CE - FROM THE DAILIES
18. BNP seeks higher profitability in Poland after acquisition
Reuters
September 19, 2014
BNP Paribas aims to deliver double-digit profitability in Poland by 2017 after the
acquisition of Bank BGZ, on Tuesday said Jean-Paul Sabet, deputy head of
international retail banking at France's biggest listed bank.
Read more here: http://www.bne.eu/page/bnecentral-europe-daily-list/bnp-seekshigher-profitability-poland-after-acquisition
19. Bank lending to the Czech economy lags in first half
KB
September 19, 2014
The Czech economy has been doing very well since the beginning of this year.
External demand has helped Czech industrial production, and construction output will
benefit from the nascent fiscal expansion and the revival of the housing market.
Read more here: http://www.bne.eu/page/bnecentral-europe-daily-list/banklending-czech-economy-lags-first-half
20. Forex loans high on Hungarian parliament's agenda
MTI
September 19, 2014
Parliament will start its autumn season with a two-day session on Monday, and
discuss measures to resolve the problem of forex borrowers among the first issues.
Read more here: http://www.bne.eu/page/bnecentral-europe-daily-list/forex-loanshigh-hungarian-parliaments-agenda
21. Hungarian PM outlines forex loans schedule
Commerzbank
September 18, 2014
PM Orban summarised the implications of latest FX borrower legislation in his Friday
interview: banks are to complete compensation to borrowers by end-H1 2015 (now
extended from original guidance of end-2014), once the Budapest Court have ruled
on their respective defences.
Read more here: http://www.bne.eu/page/bnecentral-europe-daily-list/hungarianpm-outlines-forex-loans-schedule
22. Hungarian banking association slams settlements law
MTI
September 19, 2014
Hungary's 10 million citizens could lose far more than a few hundred thousand
borrowers may gain thanks to the bank settlements law, Hungary's Banking
Association said.
Read more here: http://www.bne.eu/page/bnecentral-europe-daily-list/hungarianbanking-association-slams-settlements-law
23. Hungarian banks must settle refunds by February insists senior Fidesz
official
MTI
September 18, 2014
Banks in Hungary must settle with borrowers by the end of February in the case of
contracts which the courts have deemed unfair, Fidesz's group leader said.
Read more here: http://www.bne.eu/page/bnecentral-europe-daily-list/hungarianbanks-must-settle-refunds-february-insists-senior-fidesz
24. Hungarian central bank will assist conversion of џ8bn of FX loans
Portfolio.hu
September 18, 2014
The Hungarian central bank is ready to tap its foreign exchange reserves to a certain
extent to use it for the conversion of forex loans to forints, said MЗrton Nagy,
managing director of the MNB.
Read more here: http://www.bne.eu/page/bnecentral-europe-daily-list/hungarianminister-calls-new-era-banking
25. Hungarian minister calls for new era in banking
MTI
September 18, 2014
After banks have compensated clients for their unfair practices, a new era must
begin for Hungary's banking system, the justice minister said.
Read more here: http://www.bne.eu/page/bnecentral-europe-daily-list/hungarianminister-calls-new-era-banking
26. Polish banks Alior and Getin eye Meritum acquisition
Erste
September 18, 2014
Based on press information, Alior and Getin Holding or Getin Noble Bank are
interested in the acquisition of Meritum Bank. The information has not been
confirmed by Alior Bank or other potential buyers.
Read more here: http://www.bne.eu/page/bnecentral-europe-daily-list/polish-banksalior-and-getin-eye-meritum-acquisition
27. Press reports on Hungarian PM meetings with bank heads
Erste
September 19, 2014
The press reports that the PM had negotiations with some bank CEOs. The press
speculates that: (i) the state wants to buy additional banks; (ii) there is talk on FX
conversion.
Read more here: http://www.bne.eu/page/bnecentral-europe-daily-list/pressreports-hungarian-pm-meetings-bank-heads
BANKER SE - FROM THE DAILIES
28. Bulgaria: CCB shareholder under house arrest in Belgrade
bne
September 18, 2014
A Serbian court has put Tsvetan Vassilev, the largest shareholder in Bulgaria’s
Corporate Commercial Bank (CCB) under house arrest. Vassilev is wanted by the
Bulgarian authorities in connection to the liquidity crisis at the bank, while Sofia is in
talks with other shareholders to secure a bailout package.
Vassiliev voluntarily presented himself to Belgrade police on September 16 - shortly
before he was due to be arrested. A Serbian court ordered that he remain at his
residence in Belgrade and present himself to the authorities every
day.http://www.prb.bg/main/bg/News/4821/Bulgaria’s state prosecutor’s office</a>
says it received a fax from the Serbian interior ministry on September 17 informing
officials of Vasilev’s arrest and the court decision.
Vassilev has been indicated for misappropriation of funds. In August Interpol issued
an international warrant for his arrest. According to Bulgarian press reports,
procedures for his extradition to Bulgaria are expected to be carried out within the
next 18 to 40 days.
Vassiliev left Bulgaria after a run on CCB, Bulgaria’s fifth largest bank, in June. The
Bulgarian National Bank (BNB) took the bank and its subsidiary Victoria Bank
(previously Credit Agricole Bulgaria) under administration for an initial period of
three months, which has since been extended until November 20.
The BNB said in
ahttp://www.bnb.bg/PressOffice/POPressReleases/POPRDate/PR_20140916_ENSepte
mber 16 statement</a> that between October 28 and November 20, “an
opportunity will be provided to the shareholders and other potential investors, who
have expressed interest in the restructuring of KTB AD, to make a proposal
containing specific financial and legal commitments for provision of capital and
liquidity.”
The Bulgarian caretaker government is already in negotiations with major
shareholders in CCB in an attempt to secure a bailout package for the bank.
On September 17, interim Finance Minister Rumen Porozhanov said that he will meet
representatives of EPIC Financial Consulting, a Vienna-based firm acting for the main
shareholders in CCB, this week.
In addition to Vassilev, the bank’s main shareholders are Luxembourg-registered
Bulgarian Acquisition Co., which is controlled by Oman’s sovereign wealth fund the
State General Reserve Fund of Oman, and Russia’s VTB Group.
Sofia has sought to ensure that the contagion does not spread to other banks.
However, the crisis in the banking sector has had a wider impact on Bulgaria’s
economy,http://www.ebrd.com/pages/news/press/2014/140918e.shtmlEuropean
Bank for Reconstruction and Development's (EBRD) latest economic forecast</a>
released on September 18. 2014 has also been a year of political turmoil for
Bulgaria, where the second snap elections in under two years will take place on
October 5.
The EBRD has responded by lowering its forecast for Bulgaria from 1.9% to 1.5%,
though it does not expect the banking crisis to have a long-term negative effect.
“[T]he longer term impact of the financial sector turmoil was likely to be limited by
prompt action by the authorities, including the stated intention to opt into Europe’s
Single Supervisory Mechanism for the banking system,” the report says.
29. Albanian central bank governor out of jail and under house arrest
Reuters
September 17, 2014
Albania's central bank governor Ardian Fullani was released from jail on Monday and
placed under house arrest awaiting trial in connection with the theft of millions of
dollars from the bank's vault.
Fullani was arrested on Sept. 5 on charges of abuse of office, five weeks after a bank
employee admitted stealing 713 million leks ($6.6 million) in cash from the bank's
vault.
Read more here: http://in.reuters.com/article/2014/09/15/albania-cenbank-arrestidINL6N0RG2DS20140915
30. Chief shareholder of Bulgaria's Corpbank surrenders in Serbia
Reuters
September 17, 2014
The chief shareholder of Bulgaria's Corporate Commercial Bank (Corpbank)
surrendered to police in neighbouring Serbia on Tuesday on charges of
embezzlement in the wake of the EU member's worst banking crisis since the 1990s.
Tsvetan Vassilev's lawyer confirmed his client's surrender in the Serbian capital,
Belgrade.
Read more here: http://uk.reuters.com/article/2014/09/16/uk-bulgaria-corpbanksurrender-idUKKBN0HB14G20140916
31. Corpbank Holders Seek Bulgaria Meeting to Draft Bank Plan
Bloomberg
September 15, 2014
Corporate Commercial Bank AD’s key shareholders and prospective investors are
seeking a meeting in Sofia next week to gain access to the books of Bulgaria’s
fourth-biggest lender and draft a plan to rescue it.
A vehicle owned by the bank’s founder Tsvetan Vassilev, the State General Reserve
Fund of Oman and Russia’s VTB Group (VTBR) plan to recapitalize and restructure
Corpbank, their adviser, Vienna-based Epic Financial Consulting, said in an e-mailed
statement today. The owners are also working with new outside investors, Epic said
in the statement.
Read more here: http://www.bloomberg.com/news/2014-09-12/corpbank-holdersseek-bulgaria-meeting-to-draft-bank-plan.html
32. Turkey: Bank Asya moves to save capital as president calls on watchdog
to intervene
Hurriyet Daily News
September 17, 2014
The Turkish government has said the ball is in the court of the country’s banking
watchdog, regarding Islamic lender Bank Asya’s efforts to recover its collapsed
capital base.
“There are steps that should be taken by the Banking Regulation and Supervision
Agency [BDDK],” President Recep Tayyip Erdogan said on Sept. 15, speaking to
reporters on his return plane back to Turkey from Qatar.
Read more here: http://www.hurriyetdailynews.com/bank-asya-moves-to-savecapital-as-president-calls-on-watchdog-tointervene.aspx?pageID=238&nID=71796&NewsCatID=346

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