Sovcombank is again preparing for the initial offering of shares. It is not clear how the owners of the structure, brothers Dmitry and Sergey Khotimsky, plan to attract investors if the stories around the credit and financial institution can pose questions to many investors.
Details – in the material of the correspondent of The Moscow Post.
The credit institution plans to enter the IPO in late 2023 – early 2024. An additional issue of shares of the structure has already been announced
Plans for an IPO for the Khotimsky are a fairy tale about a white bull. For the first time, Sovcombank started talking about a public offering of shares back in 2013, but since then plans have been disrupted more than once for various reasons – due to transactions to absorb banks, the 2014 crisis and the 2020 pandemic. The IPO was expected in 2016, in April 2019, in 2020 and 2022. In the fall of 2019, Sovcombank co-owner Sergei Khotimsky admitted that the credit institution could attract $300-500 million on the market.
Come on money, come on money!
But for almost all these years, Sovcombank has been issuing bonds, which clearly does not indicate financial well-being. When there is not enough own funds, you have to take from the outside.
At the end of May 25, 2020, the structure placed securities worth 5 billion rubles for three years. The same thing happened in April, when the bank placed bonds for 12 billion rubles for a period of 10 years. Prior to that, the next major placement – for 25 billion rubles, took place in October 2019. And earlier, and earlier, and earlier.
What about the Khotimskys with finances? Now, due to Western sanctions, many banks do not publish their financial statements in the public domain. However, according to the information that was available before the start of the SVO, literally a month before it, it can be assumed that the situation in the structure is ahovy – a huge share of profits has gone somewhere, and the loan portfolio grew like on yeast.
Photo: Banki.ru
From January to February, net assets immediately fell by 86 billion rubles, or more than 4%. At the same time, net profit fell by 46 billion rubles. Capital in form 123 decreased by 3 billion. Investments in securities fell by 86 billion rubles, or more than 20%. All the main credit ratios (H1, H2, H3) were in the red zone. Net return on assets, return on equity fell.
Photo: Banki.ru
Maybe something has grown up? Yes, indeed – a loan portfolio, and immediately for 124 billion rubles. Overdue debt on it also increased by almost 4 billion. Did this make it possible for the bank to declare in 2023 the alleged colossal increase in the organization’s profit? It is not necessary to recruit and distribute debts.
Photo: https://analizbankov.ru/?BankId=sovkombank-963&BankMenu=struktura_balansa
There is also more up-to-date information. As reported on the banking analytics website “Analysis of Banks” as of July 1, 2023, in just a month the funds placed in the bank and their equivalents decreased by 16 billion rubles. Investments in securities decreased (3.4 billion), reserves for possible losses and negative adjustments fell (3 billion), etc. It’s time for an IPO – invest who can do as much!
“Serial Bankers”
“We delivered an outstanding financial performance with one of the best return on equity in the financial sector. This became possible thanks to the growth of assets and income in all business lines and strong teamwork, “the bank’s press release quoted the media as saying.
About the growth of assets at Khotimsky mentioned not in vain. Sovcombank’s assets are really growing. Only then they go somewhere. Until 2021, they could “sail” to the Dutch offshore of the SOVKO CAPITAL PARTNERS BI VI brothers, to which Sovcombank PJSC was registered. Now it is not at all clear where.
Photo: Rusprofile.ru
But the growth of assets is not due to a competent investment policy, but, in many respects, due to the absorption of other credit and financial institutions. Reception – with the assistance of the Central Bank. The latter, under the leadership of Nabiullina, gives her one problem bank after another to “eat.” Or is it called “sanitization” for them?
In just a few years, the Khotimsky “mastered” Express-Volga, Volga-Caspian Joint Stock Bank, RosEuroBank, Metcombank Mordashova and a number of other credit and financial organizations. Most of them no longer exist – they were digested by Sovcombank. So much for asset growth. As a result, Sergei and Dmitry Khotimsky began to be called serial bankers on the market. Who will be “swallowed” next?
Pensioners will do without housing
However, even this does not seem scandalous compared to the methods of working the bank with “physicists.” The market has long wanted rumors, allegedly to take a loan from Sovcombank – which means that you can get the prospect of not getting out of debt bondage and losing your home. Earlier, readers of The Moscow Post told about this.
A pensioner contacted the editorial office. According to her, Sovcombank imposed an extremely unprofitable loan secured by an apartment. At the same time, according to her, two-room housing was assessed as “odnushka.” Appeals to the police and Rospotrebnadzor did not lead to anything: the woman was simply sent from one department to another.
Other readers said that the problem is massive. Allegedly, loans at a very high percentage are offered to people in a difficult life situation, and their apartments act as collateral. At the same time, the competent authorities, according to readers, ignore the appeals of citizens and over and over again refuse to initiate cases on their requirements.
Our publication is not the only one who was puzzled by these appeals. This, for example, was written by the publication “Moment of Truth” (recognized as a foreign agent on the territory of the Russian Federation). It was also discussed that managers of the bank “AKB INVEST” can help in dubious schemes for lending people to the Khotimsky.
And the essence seems to be as old as the world: wear glasses, gentlemen. On the title pages of the agreements, bank employees seem to prescribe only part of the annual interest or part of the total cost of the loan. And then the rights of claim pass to companies that are not covered by banking legislation. After that, it remains only to assume what the life of borrowers is turning into.
The Moscow Post