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ADVENT
UK News
Letter
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N° 64 -
I
Accueil
/ Home News Letter I
November / Novembre
2007
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Update on our news
: "Sourcing Finance "
"Building
Excellence in Business "
Patricia
GOODENOUGH, ADVENT UK
London - 30.11.2007
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INTERNATIONAL
FINANCE
: Major moves in the banking sector
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Next
year, Gazprombank may spend up to $500m to purchase
several banks in Russia and the CIS, according to Alexander
Sobol, Deputy Board Chairman of Gazprom’s financial
division. |
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Gazprombank
to Pay $500m for Banks in Russia and CIS
He said the funds would be spent if good offers came up.
Gazprombank is currently negotiating with representatives
of several banks from Ukraine, Kazakhstan and Azerbaijan.
Gazprombank is one of the top three banks in Russia and
the financial arm of Gazprom. It also ranks fifth amongst
the top banks in Central and Eastern Europe.
Russian
Banks to Toughen Credit Policies
The Russian banking system will respond to the sub-prime
mortgage crisis in the United States by re-evaluating risks
and toughening their credit policies. Loans will no longer
be so easily available and fast-growing as they are now,
said Finance Minister and Deputy Premier Alexei Kudrin.
According to him, loans will no longer be cheap because
of the market’s response to higher financial risks.
The rate of increase in lending will become lower, but it
will have a “cold shower” effect, the Minister
said, adding that Russia’s banking system would remain
competitive. Along with that, Kudrin said bankers should
be prepared to take higher risks because the crisis is not
yet over. In this connection, he asked the Central Bank
of Russia to adjust its supervisory policy and suggested
that commercial banks should draft their strategies with
due consideration of those risks.
Bank
of Moscow to Continue with Low-Interest Foreign Currency
Mortgage Loans
Last May, the Bank of Moscow launched a programme of mortgage
loans provided in Swiss francs from an interest rate of
7%. The idea was well received by Russians, according to
Alla Tsytovich, Managing Director of the bank’s retail
arm. Loans in Swiss francs provided by the bank by the beginning
of November 2007 reached the equivalent of RUR4bn ($164.5m
or €110.8m). Initially, the Bank’s analysts hoped
to reach this figure by the yearend only. The amount of
housing loans provided by the Bank of Moscow as of early
November exceeded RUR12bn. Its mortgage portfolio grew by
more than 130% since the beginning of the year.
Liquidity
Crisis Undoes Improvement in Russian Real Estate Funding
Costs
Just as the enthusiastic entrance of foreign specialist
lenders started challenging the high costs and terms of
debt financing for the Russian real estate industry, the
international liquidity crisis appears to have undone the
advances.
Following
the arrival of the likes of Eurohypo and Hypo Real Estate
in late 2005, costs and terms available to developers and
investors began to soften, as the major Russian banks began
to respond to the competition for a share of this lucrative
market. By late the following year, institutional investors
buying into prime developments were reporting offers of
financing, in euros, from Sberbank at single-digit interest
rates.
More about : click
here
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Merrill Lynch ousted Chairman and Chief Executive
Stan O'Neal, just days after reporting the biggest
quarterly loss in the company's history.
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Merrill
Lynch chief leaves firm
Stan
O'Neal had been in the top job for five years
Merrill Lynch has parted company with its chief executive
Stan O'Neal.
The US bank said Mr O'Neal had retired with immediate effect,
in a move that followed intense media speculation that the
56-year-old would be leaving.
Calls
for his departure grew last week after the firm was forced
to admit a $7.9bn (£3.85bn) exposure to bad debt.
The
write-off contributed to the firm posting a third-quarter
net loss of $2.3bn, its worst financial performance since
2001.
She
had acquired in 2006 in two stages 20% stake minus one share
for a total of $ 634 million, and has an option to raise
its stake to 50% plus one share exercisable until the end
of 2008.
Societe
Generale can, at its discretion, waive the option by the
end of 2008," said the spokesman.
The exercise price of this option was set at $ 1.7 billion.
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UPDATE ON OUR NEWS
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Western
funding profiles?
There are different investors interested in the property
and construction market in most countries
showing an annual let of over 10%; most are looking
at either purchasing an existing Class A building
fully let on long leases to prime tenants, or funding
a Class A construction project to purchase at term
when fully let.
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Corporate investors & Investment Funds
British construction companies
European construction companies
European and British end users such as supermarket groups,
hotel groups etc.
These companies are looking for joint venture opportunities,
or to buy specified commercial centres or hotels, and sometimes
to manage hotels only.
International prime banks: These banks are potential
lenders for corporate lending (debt finance) and/or project
finance with the period of the loan and the interest rates
to be decided according to different factors. Sometimes
the banks will syndicate large loans with other investors,
and they expect the project owners to have invested over
25% into the project. They will look for guarantees against
finance which could be guarantees by the City Administration,
by another prime bank, mortgage on the land for the project,
mortgage on property owned by the borrower, options on shares
in the corporate structure of the borrower, and sometimes
other guarantee requirements.
Investment Funds : These
funds invest in companies and in projects well defined and
properly managed. Same applications as above, they will
take shares and expect to take profit from the share value
increase, the revenues, and the capital appreciation of
the project.
Private Equity & Venture Capital Funds : These
funds invest in companies by taking equity, or projects
held by companies. They expect to take a profit with an
agreed clear exit policy (selling to an end client) within
3-5 years, selling to an identified purchaser or to go AIM/IPO
on the London Stock Exchange.
Internet
ADVENT-UK.com
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PROFILE
: ADVENT UK
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Advent UK Ltd’s
core business is in the formation and management of UK Ltd
and offshore companies for foreign entrepreneurs. We provide
management services, sourcing business partners and finance,
and drive their projects to contract.
We have been extremely active in Russia during the past 6 years where we have successfully concluded
the acquisition of a major Moscow insurance company on behalf
of a large Israeli insurance company, sourced project finance
for Russian construction projects, and developed export
sales in the European market for a Siberian wood merchant.
We are long standing members of the Russo-British Chamber of Commerce (www.rbbc.com)
and International Financial Services London (www.ifsl.org.uk)
and the Institute of Directors (www.iod.com)
Internet
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NOUVEAU SERVICE
FINANCE
INTERNATIONALE
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Stanley O'Neal part suite à la crise du "subprime",
qui a causé 8 milliards de dollars de dépréciations
d'actifs au sein du groupe.
Merrill
Lynch a annoncé, mardi 30 octobre, le départ
avec effet immédiat de son P-DG, Stanley O'Neal.
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Stanley
O'Neal et le conseil sont tombés d'accord sur le
fait qu'un changement à la direction serait le meilleur
moyen pour Merrill Lynch d'avancer et de se concentrer sur
les moyens de maintenir des performances solides dans toutes
ses activités", a expliqué la banque.
Il
s'agit du premier patron d'une grande banque mondiale à
endosser personnellement la responsabilité des pertes
liées aux crédits à risque.
Les deux co-présidents de la banque, Ahmass Fakahany
et Gregory Fleming, ont été maintenus à
leurs postes, alors que la presse donnait également
le premier comme partant.
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La Société générale a reçu
le feu vert de la Banque centrale de Russie pour prendre
le contrôle de Rosbank, une des premières
banques privées du pays, a-t-on appris récemment
auprès de la banque. |
La
banque centrale de Russie a donné son accord très
récemment", a déclaré une porte-parole
de la banque, ajoutant que, après le feu vert des
autorités de la concurrence au début de l'été,
la Société générale dispose
de toutes les autorisations réglementaires pour prendre
le contrôle de Rosbank.
Elle
en avait acquis en 2006 en deux étapes 20% du capital
moins une action pour un total de 634 millions de dollars,
et dispose d'une option pour porter sa participation à
50% plus une action exerçable jusqu'à fin
2008.
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