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Mikhail Ilyin comments to ITAR-TASS on the prospects of buying the bank of the FGUP Russian Post

25 February 2014

Russian Post is planning to start offering banking services in the beginning of 2015, as the ITAR-TASS learned from Deputy Minister of Communications Mikhail Yevraev. In order to do this the post company will be purchasing a bank through a subsidiary.

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"Together with the management of the Russian Post we are working out the plan of buying a bank through a subsidiary. The reason for that is that under the law a Federal State Enterprise (FGUP) may not own banking companies. The use of a subsidiary will allow them to solve legal issues and to start out the banking business even before the end of the process of reorganizing the Russian Post as a joint-stock company. At the end of the year the Russian Post should be able to start offering banking services, although this is already a question as to whether the bank will be ready in time. Maybe it will happen later", — said Yevraev.

"FGUP Russian Post may buy any legal entity if it finds it necessary, except for a banking company.” – the lawyer of S&K Vertical law offices Mikhail Ilyin explained to ITAR-TASS, and also specified that the FGUP cannot buy a bank under Article 6 of the Federal Law “On state and municipal enterprises”.

This limitation imposed onto the post company will be lifted after it will become a joint-stock company The bill on that is presented by the Ministry of Communications for the consideration at State Duma. The process of transformation of FGUP Russian Post into a joint-stock company will take around 12-18 months, as the head of the Russian Agency for Management of State Property Olga Dergunova stated earlier.

Creating the Post Bank

An idea to start the Post Bank emerged well before the crisis: in 2007 Andrey Kazmin, the former President of Sberbank, decided to create it, and Svyaz-bank was considered as its basis. During the crisis Svyaz-bank went for financial restructuring to Vnesheconombank (VEB).

In 2009 the VEB Supervisory Board approved the creation of the Post Bank. The plan was that VEB creates the Russia’s biggest retail bank on the basis of Svyaz-bank that it restructured and of the FGUP Russian Post with a private investor engaged.

The plan was that the assets of the Post Bank in the years 2011-2021 will amount to approximately 2.2 to 3.3 trillion Rubles. Moreover in 2010-2011 it was in discussion to engage four other banks in the creation of the Post Bank, including Russian Standard Bank, HKF Bank, Unicredit Bank, TKS-Bank and others.  


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