VTB Group is likely to buy roughly 40 percent in Renaissance Credit bank of consumer crediting. Renaissance Credit will solve the liquidity problems via the deal and it will be the second disposal of a portion of business of Renaissance Group during a month.
VTB Group is acquiring a stake in Renaissance Credit bank, said a few top managers of different banks. A source familiar with the deal progress specified that “VTB Group will own roughly 40 percent in the bank.” “In return, VTB will undertake to provide liquidity to the bank in amount of at least $1 billion,” another source said. “The agreement has a provision whereby VTB may buy out the remaining stock capital in late 2009,” the third banker leaked.
At the same time, Renaissance Group will maintain the operating management over the bank, and Marek Forysiak will remain its CEO. Four of nine members of the BOD will stand for VTB.
Renaissance Group’s Renaissance Capital bank operates under the Renaissance Credit brand. It was set up in 2004. Along with Russian Standard and HCF, it leads in express crediting in the country. The Q2 IAS report posted the assets of $2.58 billion, capital of $412 million, net profit of $24.7 million and credit portfolio of $2.2 billion.
“The bank of consumer crediting was created for future disposal, the crisis on financial markets has accelerated the process,” one of top managers of Renaissance Capital said. The sources specify that foreign banks are aggressively closing credit lines and the bank has to pay off debts to creditors.
“With such strong partner as VTB that will secure liquidity required for further development, the bank will be able to grow aggressively in the environment when all rivals have to cut credit portfolios,” a top manager of Renaissance Capital speculated.
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