Andrey Kostin again climbs into the state pocket

Meanwhile, VTB itself is once again “expanding” at the state expense from the “pocket” of taxpayers. Will the money go to Andrey Kostin’s construction and hotel projects?

VTB Bank placed its shares in the amount of almost 150 billion rubles for additional capitalization at the state expense. At the end of last year, it was announced that the bank’s authorized capital would be increased in this way by almost 302 billion rubles.

An additional issue is good for the institution itself, since its number of shares is growing and there is an influx of funds into the company, but it negatively affects the investors themselves, whose shares in the company are decreasing.

The bank does not have the best performance on the Moscow Exchange. Largely due to previous capitalizations. Analysts believe that there are no drivers for the growth of their value. The need for an additional issue is explained either by the purchases of rehabilitated banks (Otkritie), or by the crisis after the start of the SVO and the imposed sanctions, or by something else. In fact, the indefatigable appetites of the head of VTB Andrei Kostin can be “guilty” of everything. The correspondent of The Moscow Post understood the story.

From bounty

Among other things, it is known that in December the bank reduced payments to holders of its bonds. Which also may indicate a very precarious position of the state bank. No wonder. VTB ended 2022 with serious losses – about 500 billion rubles. Kostin promised to correct the situation in 2023, and now it is obvious at whose expense.

I wonder why our state bank suffered from sanctions? The business model of the state bank turned out to be much more vulnerable to sanctions risks – official sources write vaguely, and explain: this is due to two features – historical specialization in servicing foreign trade business, including the largest Russian exporters, and “Russia’s largest corporate investment business , dependent on the international financial infrastructure and focused on working in global markets”.

At the same time, we recall that this is a bank that almost every year is recapitalized from state funds – which are actively “disappeared” when they are manipulated in foreign markets? Not the most patriotic strategy.

Over the past 12 months, most of VTB’s liabilities – namely 84%, according to the banking analytics service “Analysis of Banks”, were precisely attracted funds. Most of the bank’s assets consist of loans.

At the same time, a very unenviable position in VTB could have developed not at all because of the reasons voiced in official prospectuses, but, for example, because of investments in, to put it mildly, unprofitable projects. For example, in 2019, VTB provided loans to Promsvyazbank in the field of state defense orders in the amount of 32.9 billion rubles.

Recall that a criminal case was initiated against its leaders, the Ananyev brothers, for embezzlement of more than 87 billion rubles, which are unlikely to be returned. The state bank also gave money to the already mentioned Otkritie.

Investing in real estate is profitable – but is it for VTB?

In addition, VTB invested in the projects of the scandalous developer PIK, which, it seems, is about to declare its own bankruptcy against the backdrop of information about the bankrupt “branches” of the corporation.

Kostin himself can invest in the company “DonStroy” – no less scandalous than “PIK” – construction delays, collapses in houses, the tragedy with the fall of the elevator and other “charms” that one can imagine when it comes to a negligent developer .

The fact is that in the structures of the construction giant there are people who were related to VTB Bank, like former vice president Alina Deryabina, for example. In addition, VTB is an official partner of Donstroy. The shares of the “daughters” of the company are often pledged to the bank.

The Moscow Post went into detail about all the details of a potential “partnership” with Mr. Kostin and suggested that he was preparing himself a “quiet old age” as head of the construction giant. And for this, including VTB money can be used. Is that why the bank lacks them so much?

In general, Kostin seems to like to invest in construction projects. Recently, VTB financed the creation of a complex of new buildings on the site of a park zone in Moscow from a dubious developer Galaxy Group, which may be associated with the head of Capital Group Pavel Te. The Moscow Post covered this story in detail.

Kostin is also a businessman

In addition, the Mouflon company, which is engaged in the hotel business, is registered on Kostin himself. The legal entity is registered in Moscow. The cost of the company, according to the latest data, is at the level of 621 million rubles. There, too, for sure, you need to invest well like that.

Previously, Kostin also had a travel agency “Forian” – a loss-making structure, in 2017 transferred to the management of “East Investments”, registered on the offshore “VARGAS PROPERTIES INK.” From the British Isles. Kostin’s share in the company was a hefty 468 million rubles. And this is hardly his official salary.

And while Kostin is “having fun” with business and other investments, VTB is “empty” and replenished at the expense of our taxes, and sites with reviews about the bank are full of angry messages. In them, accusations are poured in the direction of bank managers, the organization of internal processes, the disclosure of customer data, and so on.

According to Banki.ru, in just a month, deposits of individuals decreased by 56 billion rubles, the bank’s net profit fell by almost 100%, the Bank’s current liquidity ratio (N3) decreased by 20%. (NZ regulates the risk of liquidity loss by the bank within 30 calendar days closest to the date of calculation of the standard and determines the minimum ratio of the amount of the bank’s liquid assets to the amount of the bank’s liabilities (liabilities) on demand accounts and with the maturity of obligations in the next 30 calendar days).

One gets the feeling that the “effective manager” Kostin has not been worried about the fate of the bank for a long time, rather, his attention can be turned towards how much more can be “pulled” out of this organization for his third-party projects.