Page 103 - RusRPTApr21

to integrate Vostochny Bank within 12-18 months,” the lender said. The deal is subject to approval by Russia’s federal antimonopoly service and the Central Bank, though no objections are expected. The deal appears to mark the latest stage in the winding down of the so-called “Calvey affair” — a dispute between Baring Vostok and Avetisyan which saw Calvey and several of his colleagues arrested in 2019.
Russian state development corporation VEB.RF posted an RUB8.4bn net profit in 2020 after four consecutive years of net losses including a RUB52.8bn loss in 2019, as calculated under International Financial Reporting Standards (IFRS), the corporation said in a statement on Friday. Capital of VEB.RF jumped by 62.1% in 2020 to RUB689bn as of the end of the year, and the operating income soared by 71.7% on the year to RUB235.5bn in 2020. Assets of the corporation increased by 6.7% in the year, or by RUB215.3bn, to RUB3.4 trillion mainly on the back of the growing credit and leasing portfolios and investment financial assets, VEB.RF said. The corporation issued RUB243.1bn of loans in 2020 to the companies in the shipbuilding, gas chemical, car building, mainline infrastructure development, airport upgrade, city economy, and IT spheres.
Russia's second biggest lender VTB plans to issue a record RUB1 trillion of mortgages in 2021, a 7% increase on 2020, Deputy CEO Anatoly Pechatnikov said on Tuesday. He said that the bank's participation in a state cut-rate loan program will contribute to the dynamics and that the bank plans to issue RUB150bn of cheap mortgages in January–June. According to Pechatnikov, VTB offers to unite all beneficial mortgage programs in a single project focused on the regions, where housing launch rates are low. The conditions must remain beneficial for the families with children, people living in the remote areas and private housing construction participants. He also said that there are no signs that the retail lending market is overheated and VTB expects the soured loan rates in its portfolio to decline in 2021. But lending rates will likely decrease in 2021 to 11.5%. VTB expects to grow above market with cash and credit card credits expanding by almost two times ahead of the market. The bank plans to attract 2mn new active clients in 2021, Pechatnikov said.
TCS Group (Tinkoff Bank) Group announced changes to its governance in terms of the composition of its boards on March 25. The main change is Oliver Hughes taking over as executive director on TCS's BoD (he remains the group CEO). Stas Bliznyuk takes over as chairman of the Tinkoff Bank management board (from Oliver). George Chesakov is now chairman of the bank's BoD. Other group supervisory board members remain unchanged, but apparently there are some further additions to come. Analysts say this will improve corporate governance, with the aim of giving the group board more of a role in the strategic planning of the business.
TCS Group (Tinkoff Bank) 4Q20 earnings call: Management sees FY21 guidance on loan growth and cost of risk as conservative.
103 RUSSIA Country Report April 2021 www.intellinews.com