As Banki.ru learned, Smolensky Bank, which recently suspended any paymens, began to sell off its credit portfolio. Banks that acquired the right of claim under the loans issued by Smolensky Bank include RFI Bank, MTI-Bank, Vega-Bank, and also OJSC Bank Avangard (not to mix up with Bank Avangard).
Several deals were transacted in order to improve Smolensky Bank’s liquidity positions. A relevant press release was posted on the bank’s website. Smolensky Bank confirmed reports about the sale of some credits to RFI Bank, adding retail loans are at issue. Smolensky Bank assessed the amount of loans sold to RFI Bank as “the one not exceeding 2% of the aggregate number of retail loan agreements”.
The aggregate amount of consumer loans sold by the bank totaled Rub 600 mln. According to the financial statement as of November 1, 2013, Smolensky Bank’s aggregate credit portfolio stood at Rub 24.2 bln, including Rub 6.4 bln as retail loans. The bank’s credit portfolio is largely corporate, marked by the fairly high coverage ratio (13.5%). Over a half of all loans was extended for more than 12 months. In line with the bank’s FY12 IFRS financial statement, 18% of the entire credit portfolio fall to the loans issued to real estate developers. According to the bank’s RAS financial statement, as of today 16% of the loans were granted to financial firms. The portfolio concentration in terms of the largest borrowers is moderate (20 largest borrowers account for 27% of the portfolio).
RFI Bank focuses on serving a small group of corporate clients that are close to the bank and its executives. The lender employs around 70 people. At present, RFI Bank’s credit portfolio equals Rub 421.9 mln (roughly 30% of the assets), 70% of which fall to corporate loans. The bank is mainly funded by the money of corporate clients (60% of liabilities), while retail deposits account for just 13% of liabilities.
