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The Turkish retreat: Garanti bank is preparing to sell his “daughter”

Турецкое отступление: Garanti bank готовится продать свою "дочку"

Financiers linked the sale with an ambiguous political relationship between Russia and Turkey.

How did you find Forbes for sale were put up the “daughter” of Turkish Garanti Bank “Garanti Bank Moscow”. This was told by a few sources on the market. Among the contenders for the purchase nescopeck bankers called structure owner of Expobank Igor Kim, and Sovcombank and Loko-Bank. In Russian “Garanti Bank Moscow” in Turkish Garanti did not respond to the request of Forbes. Treatment in Expobank and Sovcombank also remained unanswered.

Garanti bank was founded in 1946 and was the second largest in Turkey among private commercial banks, the Russian “daughter” was the third capital (3 billion rubles in September) among the Turkish banks in Russia, its assets of 6.7 billion rubles. Assets Garanti Bank at the end of the second quartara this year, ostavljaj $100 billion Main shareholder of the Bank (39,9%) of appelas Spanish group BBVA, DOPA Turkish billionaires from the family of the Şahenk was 10%.

The President of the NRA Victor Chetverikov said that from the beginning of the year according to reporting on all key performance indicators of the Bank demonstrated a significant decline of assets, customer funds and securities portfolio decreased by almost half, the loan portfolio tripled. “The reserves under the given out credits grow (the reserve ratio increased from 10 to 30% of the loan portfolio) Vkladyvayasj circumstances, the sale of the Bank can be quite an adequate solution. In Russia, there were several transactions for the sale of the “daughters” of foreign banks, the Russians and the amount of the transaction usually does not exceed capital and this despite the fact that the main indicators of credit institutions had positive dynamics. In this case, given the negative trend, the estimated amount of the potential transaction is not likely to exceed 0.7 capital of the Bank,” says Chetverikov.

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Managing Director on Bank ratings RAEX Stanislav Volkov says that the weak market for the sale of the banks there for several years. “Today, a credit institution with a significant volume of loans to related parties are estimated at around half the capital, and banks with market assets without serious risks are assessed closer to around 0.8-0.9 capital. The reasons for selling are clear — requirements for banks are constantly increasing, this leads to the increase of fixed costs, and the ability to earn for small banks is limited and in many cases even taper,” said Volkov.

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Partner at RMG Partners Arseny Dabbah said that the value of the Bank is unlikely to exceed capital. In his opinion, care may be related to the fact that the continuing political risks and increasing regulation by the Bank of Russia.

Not the first Garanti Bank, which is considering changes in the composition of shareholders on the Russians. The largest Bank with Turkish roots — “Credit Europe” considered the option of merging with the Bank “Uniastrum” and “Eastern”, but the deal never took place. Relations between Moscow and Ankara entered into a phase of acute crisis after 24 November 2015, the Turkish fighter jet shot down a Russian su-24 bomber. President Vladimir Putin has signed the decree about introduction of sanctions against Turkey. In the summer, relations between the two countries warmed up, but nevertheless remain strained and sanctions have not been lifted.


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