The UniCredito started with an interest in Rosbank retail assets next to become eager to buy the whole as going concern, a big non-resident investment banker active in Russia said to the Moscow-based daily, Vedomosti.
Neither bank has for now officially confirmed the negotiations going on, though the Interros capital investment mammoth, with control of a 94 per cent Rosbank block, said on several occasions that it was anxious to have a strategic partner to the bank. The UniCredito, on its part, is active in Eastern Europe, and intends to purchase a Russian-based bank, as its top managers announced this year.
If the Rosbank control block changes hands, it will hardly do so before mid-2005, with the OVK-Rosbank merger over, deems finance expert Maxim Vassin. The Interros purchased the OVK banking group last year to step up retail, and the OVK business is passing to the Rosbank just now. Mr. Vassin, RusRating agency analyst, evaluates the Rosbank at 900 million US dollars, and its control stock at 500 million. The figures will grow to $1.2 billion and 650 million, respectively, with the merger, he forecasts.
If the prospective deal comes true, the Rosbank will be Russia's first major full-service bank catering for private and corporate clients alike to pass into foreign hands.
The Russian banking community is apprehensive with the prospect. "That would be bad news-non-residents will come to the Russian provinces as our formidable rivals," complains Vladimir Nikitenko, Petrocommerz bank president.
The Rosbank assets made 116.1 billion roubles, as of July 1, own capital 12.9 billion, and private deposits 18.9 billion, to rank Russia's 6th; and revenues 604.3 billion, national 17th. (Today's Central Bank rate is R28.26/US$1.)
The UniCredito Italiano is Italy's second-largest bank with last year's assets at 238.3 billion Euro, revenues 10.47 billion, and net profit 2.1 billion.
