“ Rates in Russia grow in bank game “Sale of Impeksbank Austrian Raiffeisen International is capable to change an alignment of forces in the bank market. The chairman of the board of the International Moscow bank (MMB) has told Ilkka Salonen, how it is going to operate in the changed competitive environment.
“ for MMB it is serious enough call “
“ a firm Secret “: Estimating the recent transaction between RaiffeisenInternational and Impeksbank, observers agree in opinion, chtopo to the competitive positions MMB, till now were krupnejshejinostrannoj bank “ a daughter “ in Russia, serious blow is struck. You with it agree?
Ilkka Salonen: it is frequent at bank merges one plus odinokazyvaetsja less than two. Very seldom it is possible to keep all business, at least because there are clients who are served and in that and vdrugom bank. Therefore there is no saying, as there will be affairs in the future. But now they, obviously, overtake us. For MMB it dostatochnosereznyj a call.
Council of Federation: whether it is necessary to expect, what now and you following zarajffajzenbankom will refuse idea exclusively organicheskogorazvitija?
IS: I always said that we are ready and would be glad priobrestikakoj - nibud the Russian bank if it is sposobstvovatuvelicheniju costs MMB. Thus we should with it bankomsovpadat from the point of view of corporate culture. In opposite sluchaestoimost incorporated bank will decrease more likely, rather than will raise. To Yana I say that one banks good, others - bad. Simply at raznyhbankov different lines of thought to business, and it can lead vnutrennimkonfliktam in which result experts leave.
it is very important to find also professionals, which budutosushchestvljat integration. People are occupied from all of us by development biznesasamogo MMB. If we distract them from this process, oslabimsobstvennye competitive positions.
But basically the transaction between Raiffeisen International iimpeksbankom, obviously, will serve as the catalyst for drugihanalogichnyh transactions. Quite probably that four more - five banks izpervoj the twenty will be sold foreign “ to strategists “ and it ochensilno will change a situation in the market.
Council of Federation: Having inspired by an example of owners of Impeksbank, proprietors of the Russian banks will demand now bolshedeneg.
IS: I Want to remind that bank Intesa at purchase KMB - bankazaplatil the sum almost four times exceeding cost pure aktivovposlednego. If to start with the official information, Impeksbankprodaetsja with factor hardly less than three. Differently, rynokotsenivaet the Russian banks expensively enough. But I think, chtospravedlivaja the price just and is between factor two and tripo to the relation to cost of a net wealth of bank.
Certainly if the fever begins and all will hasten to leave narossijsky the market factors can rise above four. None I think that it is more.
Council of Federation: At KMB there was a good credit portfolio. At Impeksbank - a filial network, many private investors. That it is more important for “ the strategist “?
IS: Judging by statements of a management of Rajffajzenbanka in a press, it was involved most of all with a filial network of Impeksbank. Though uetogo bank the volume of the credits given to physical persons, reaches $700 million that too it is very quite good. As the factor influencing nastoimost of bank, deposits play not so large role, therefore chtona the market of the rate of refinancing for large foreign bankagorazdo more low, than for private Russian bank. I am convinced, chtoimpeksbank paid under contributions of physical persons much more, chemrajffajzenbank. Deposits are important from the point of view of client relations. One very wise banker spoke, what exactly they create the award vstoimosti bank.
it seems To me that all Russian banks are still too young ilojalnost to them of physical persons is not so high. I in Finland dosih a time am served in that bank where took the first credit, buduchieshche the student. It was 34 years ago. However, then I stalsotrudnikom this bank.
the International Moscow bank is founded in 1989 naosnovanii the special decision of Sovmina of the USSR. egouchreditelej along with Foreign trade and investment bank (20 %), the Savings Bank (10 %) ipromstrojbankom (10 %) were included into number also five international banks (Bayerische Vereinsbank AG, Creditanstalt - Bankverein, BancaCommerciale Italiana, Credit Lyonnais and Kansalis - Osaki - Pankki). To each of them has got on 12 % MMB.
In 2001 MMB has united about Bank Austria Kreditanshtalt (Russia). And in 2004 at MMB there was a control shareholder in the person íåìåöêîéHVB Group (it is formed as a result of merge HypoVereinsbank and BankAustria Creditanstalt) which consolidated 53 % of actions of bank. Finnish Nordea 26 % MMB, BCEN Eurobank, nynenahodjashchemusja in sphere of interests of Vneshtorgbanka, - 16 %, and the European Reconstruction and Development Bank-5 % belong.
For today capital MMB exceeds $400 million Credit portfolio - about $2,5 mlrd, from them on a share of private persons it is necessary more $270ìëí. At bank six branches and 17 branches.
Council of Federation: Abstaining from absorbing other banks, MMB not takdavno itself became object of absorption. Group HVB, kotorojprinadlezhit your controlling stock, has bought Italian UniCredit. Kakvam is with the new proprietor?
IS: we while have not enough experience of dialogue with new owners, noizvestno that at them very ambitious plans concerning Russia. Etoedinstvennyj from emerging markets, where UniCredit till now neprisutstvuet. They searched for a long time here for a platform and even still to sdelkis HVB wanted to take at group of shares MMB.
Now before us a task in view to achieve znachitelnogouvelichenija a market share. As it is known, head UniCredit of AlessandroProfumo some time worked in consulting firm McKinsey. And its many colleagues, apparently, too. They do an emphasis naeffektivnost, very well work with figures and proizvodjatvpechatlenie experts knowing the business. It gives osnovanijapolagat that if from us increase of rates of increase posravneniju with planned they are ready to give for etogoresursy will demand. I think that occurrence of such shareholder as UniCredit, allows us to go forward and to compete even with novymrajffajzenbankom. Rates in Russia grow in bank game. If mygovorim about capital increase any more tens, and hundred millions dollars now are required.
There are also moments which for certain will please not so. The big financial group is uncontrollable, if its personnel not budetdejstvovat within the limits of certain rules. Now we should ihpoluchit. Rules are good that do life of more predicted, and are unpleasant to that they limit you. It is twice difficult, when work in such market, as Russian. Here any pravilakazhdyj are checked day on durability.
However, at recent meeting of heads of all regionalnyhpodrazdeleny UniCredit Alessandro Profumo has told that if chelovekaktiven it can and, more likely, should make mistakes. Zaprofessionalnye errors do not shoot. But if oshibkisovershajutsja from - that the person does not divide value of group idejstvuet counter with its base principles, it already bolshajaproblema. Such approach is very close to me.“ we had very warm, family mutual relations “
Council of Federation: Foreign mass-media write that Alessandro Profumo usually menjaetrukovodstvo in again got banks …
IS: you are interested, whether I am anxious by the destiny? I while nepoluchal any negative signals. On the contrary, as I understand, UniCredit is interested in services of present management MMB. Eslimy we will carry out our strategic problems and to show horoshiefinansovye results, it will be the best argument in dialoges the new proprietor.
Council of Federation: What do you think of what the packages in mmbsobirajutsja to sell Nordea and BCEN Eurobank, nowadays passing podkontrol VTB?
IS: that president Nordea of Lars Nordstrem, for me nenovost has told. I have understood for a long time already that at Nordea the contract with MMB is shorter, to that me, and at me it comes to an end in 2008.
On - chelovecheski it is a pity to me that Nordea leaves. At us were ochenteplye, it is possible to tell family mutual relations in board of directors. We could conduct rigid discussions, but upon termination of sessions vmesteezdili across Russia. We not simply did business, but became friends. It is a pity to leave good people.
From the point of view of business I do not wait for serious changes. After 2000ãîäà when Nordea and HVB became strategic investors in MMB, representatives of these banks acted unanimously on all questions. unih there were different lines of thought concerning Russia as a whole, but that kasaetsjammb their positions practically coincided.
Council of Federation: What probability, what package Nordea and Eurobank âûêóïèòUniCredit?
IS: I hope that rather high.
“ Sometimes clients want to come to bank office “
Council of Federation: UniCredit, along with classical crediting, predlagaetsvoim to clients also services in management of actives, privatebanking. MMB is not going to use possibilities novogosobstvennika for expansion of a ruler of retail products?
IS: It is one of the reasons on which I consider that the transaction ìåæäóUniCredit and HVB should do us good. It is obvious that takieprodukty and services become more and more vostrebovanny.
Creation of structure of management by actives from zero - very much zatratnoedelo. It is business which has the culture, the specificity. UniCredit owns company Pioneer. In due time it bylaaktsionerom Russian “ Pioglobal “. But just after an alliance ñUniCredit Pioneer left structure of shareholders “ Pioglobal “. Though eturossijskuju the company on - former assotsiirujut with Pioneer.
Pioneer has already confirmed the interest to the Russian market. Vpolnevozmozhno that we will sell to clients shares of funds, kotorymiupravljaet this company.
As to private banking, bank of our type dolzhenimet such division. We about one year work over egosozdaniem. About it widely did not appear, because I not storonnikgromkih statements, if “ there is nothing to put on a table “. It is allocated gruppasostojatelnyh clients - physical persons to whom can be interesting takieuslugi. We consult to them, we listen to their wishes and etc.
Council of Federation: the Citybank too sells products Pioneer. And in Moscow vashiotdelenija quite often are a stone`s throw away from each other. You nesmushchaet so close neighbourhood with such powerful competitor?
IS: In other countries too it is possible to observe a similar situation. The reasons are simple. Branches build there where there are people: nearby storgovymi the centres, in areas where the big offices are located. Najtitakie points on the map very easily. Each banker has the right kupitkartu of Moscow. Here only quantity attractive mestogranicheno.
Besides, to a premise in which the cash knot settles down, a number of special requirements, behind observance kotoryhsledit the Central Bank authorising for carrying out of cash operations is shown. Etoeshche narrows a choice. At last, the real estate market so peregret what very uneasy to agree about the price with vladeltsamipomeshcheny.
Council of Federation: How to pay back such branches?
IS: Yes, building of a network of branches rather dorogostojashcheezanjatie. The recoupment of branches is difficult for counting also therefore, chtoklient can open the account in one, and remove cash, osushchestvljatplatezhi under credits and etc. - in all the others. To what otdelenijuotnesti incomes of these operations? I asked this question nashimaktsioneram and till now have not received the answer.
But I precisely know that is is minimum admissible kolichestvootdeleny which allows to sell effectively roznichnyeprodukty and qualitatively enough to serve clients. After all vyshegolovy you will not jump. The branch working even of 12 hours in day, can accept the limited number of people.
It is impossible to forget and that in Russia very big role igrajutnalichnye money. The person who has received the autocredit, then repays egonalichnymi. Well and it is very good. The main thing that it returns money. Nodlja such operations it is necessary to have specially taken away premises, cashiers and etc.
We have planned till the end of the year to have in Moscow 27 branches. JAodnazhdy talked to one of heads Banco Popular Espanol (BPE). Excellent bank. The standard in retail. At them the parity rashodovi is less than incomes 40, that is they spend less than 40 cents, chtobyzarabotat one euro. At us last year was 38, but we zhenebolshoj bank in comparison with them. They in such city, kakmoskva, would have not less than 300 branches, and it despite the fact that, chtooni develop electronic payments and etc. Another matter, chtobolshinstvo branches BPE booths, punktyprodazh represent inherently. The person can take the consumer credit, learn that - toob to service, to remove cash. I think, we will open too imennotakie points.
it is natural, should be and larger branches, for example dljaipoteki. I as - that have come into one of our branches, I look, tamsobralas rather impressive group of people. I ask: it that, demonstration? It has appeared, make out mortgage loans.
it seems To me that struggle for leadership in the Russian market vkonechnom a result will win that bank it will be possible to which sozdatdostatochno developed, but thus not too expensive setprodazh.
bank Nordea, our Scandinavian shareholder, has a slogan-Click and Brick. That is they develop electronic payments, the Internet - banking, but at the same time understand that sometimes klientyhotjat to come and to bank office.“ Pledge sale - latest of ways reshenijaproblemy “
Council of Federation: There is still experience General Electric Consumer Finance, predpolagajushchijprodazhu financial products through not bank roznichnyeseti.
IS: In that case you simply occupy any niche, and it is not our variant. We want to construct long-term mutual relations sosvoimi clients. When the person is young, the mortgage, the autocredit and etc. Then when he already many has achieved in life, emunuzhny service in management of personal means is required to it. At us should be vnalichii all financial products which give drugiebanki. And the prices should be approximately on srednerynochnom level.
but here than we would like to differ, so it is character otnoshenijs clients. We want, that people chose us not from - for stoimostiuslug that is why that knew: always it is possible to carry on with us dialogue.
There are three base paradigms which allow obespechituspeh in business. This advantage in technologies (operationexcellence), leadership in products (product leadership) idolgosrochnye confidential relations with clients (customerintimacy). The bank cannot is equally successful develop at once povsem to three directions. It is possible to achieve average results in dvuhiz them, but in one it is necessary to be the leader. We stake on customerintimacy.
At such approach the bank incurs enough sereznyeobjazatelstva. The client can appear in very uneasy situation ipoprosit to help it. And if all of us tell time to the client: “ We stoboj “ - that it is necessary to be with this person and in difficult for negominutu. Relations are under construction on mutual aspiration to optimalnomuresheniju problems.
Employees of bank who communicate with the client, should ochenhorosho its nobility. It is a serious problem. But we aspire dostichimenno such level in mutual relations with clients.
Council of Federation: That is in case the client who has taken at MMB ipotechnyjkredit, suddenly will lose work and it will appear on the verge of technicalDefault, you not begin to take away from it apartment?
IS: It is necessary to look, whether there is a possibility restrukturirovatkredit. After all the apartment - we bankers, instead of realtors is not necessary to us. If we see that the situation time that the person - the professional of willows a current, for example, half a year will find work then it is necessary to go narestrukturizatsiju. This normal phenomenon in banking.
For me as for the banker pledge sale - the latest izvozmozhnyh ways of the decision of this problem because, as a rule, pledges are realised at the prices, adverse as for the borrower, taki for the creditor.
Here again there is a question on the size of the capital because bankdolzhen to have resources for re-structuring of a credit portfolio, creations of reserves under problem loans, write-offs beznadezhnyhaktivov. Market growth cannot be eternal. Now Russia on lifting, but we should realise that in some years mogutnastat other times. They should not turn back crisis, podobnymtomu which has happened in 1998.
“ the Middle class should eat not in cafe “Pushkin“, and in „Russian bistro” “
Council of Federation: What banks - private or state - are faster vsegopostradajut in case of crisis?
IS: When there comes crisis, all depends on, whether there is ubanka a shareholder who can support it. A simple example - a situation in which have appeared Alpha bank and Guta - bank in the summer 2004ãîäà. Shareholders of Alpha bank have declared: “ We stand up for bank igarantiruem its solvency “. The bank works and today. Shareholders of Guta - bank have arrived essentially differently. Now vmestoguta - bank is VTB 24.
Banking is constructed on leverage (a parity own izaemnyh means. - Council of Federation ). A capital share in passives bankasostavljaet at the best 15-20 %. Therefore it is important, that bankivsegda professionally operated the liquidity. Not those banks which lose the capital, and what not javljajutsjalikvidnymi go bankrupt. Even having the negative capital on mezhdunarodnymstandartam, MMB has very much grown for 1998-2000. Simply clients namdoverjali. They knew that for HVB which more than vsjarossijskaja the bank system, is not a problem to keep naplavu separately taken MMB. In the end of 1998 MMB was one iznemnogih banks in which every Monday passed kreditnyjkomitet, and we made decisions on delivery of new credits, and netolko on prolongation of the old. It was impossible to lose clients.
Council of Federation: What can provoke new crisis?
IS: As a rule, blow on bank system can be nanesenv two directions - on liquidity and on actives. In 1998 godusrabotali both these of the factor. But if to take, for example, mine rodnujufinljandiju in 1994-1995 each bank had huge doljuproblemnyh credits. However the Central bank has provided ihlikvidnostju. All private clients were served in a usual mode. They did not reflect at all that in a cash dispense can not okazatsjadeneg. Re-structuring has been then made, almost polnostjuushli from the market savings banks and etc.
I do not think that to the Russian bank system threatens krizislikvidnosti. In the country money is. And the Central Bank now is more vnimanijaobrashchaet on preservation of stability of bank system, rather than â1998 to year. Problems can arise from - for deterioration kachestvaaktivov. But not at all banks, but only at some.
Council of Federation: Under forecasts Standard & Poor’s, the dollar can in etomgodu fall in price on 45 %. It will strongly enough strike on srednemuklassu which salary, as a rule, is adhered to kursuamerikanskoj currencies. You are not afraid for solvency etojkategorii of the borrowers?
IS: Well, if at them and credits in dollars, then nichegostrashnogo. Only this middle class should eat not in cafe “ Pushkin “ and in “ Russian bistro “ that on - former was vozmozhnostrasplachivatsja with bank under the credit.