Previously Vnesheconombank informed that it will sell the Deposit Insurance Fund to its subsidiary banks Globex and Sviaz-Bank at market price, RIA News reports.

Vnesheconombank (VEB) will not transfer its subsidiary banks Globex and Sviaz-Bank to the Deposit Insurance Agency (DIA), its capital will increase due to conversion of VEB’s subordinated loans, “Commersant” wrote on Monday.

In late January VEB informed that it will sell DIA its subsidiary banks Globex and Sviaz-Bank at market price. Thus, the volume of VEB’s liabilities to CB of the Russian Federation will be reduced by the market price of these banks. The state corporation also informed that it already paid more than RUB 55 bln out of RUB 212.6 bln, obtained during crisis 2008 from CB for financial recovery of these two banks.

In summer 2015 CB transferred 15% of its revenues to VEB in the amount of RUB 27.5 billion. According to RF government resolution, VEB could use these funds not only for its banks, but also for other reasons. As it was informed previously, RF CB obligated VEB until March 1 to increase capital of Sviaz-Bank and “Globex” for the amount of about RUB 27 billion.

As it is noted, the amount of required CB reserves on both banks was previously about RUB 27 billion – RUB 16 billion at Sviaz-Bank and about RUB 10 billion at Globex. However, currently a more significant volume of capital increase at Globex – at RUB 27 billion. Sviaz-Bank’s amount remained the same, the interlocutor, close to VEB, said to the newspaper.

The source at “Globex” confirmed that in the near future the replacement of bank’s shareholder is not planned, the sale of ACB banks is not considered. According to him, Globex’s capital will increase through the conversion of VEB’s subordinated loans for the amount of about RUB 15 billion into the first level capital. In addition, VEB will disburse the bank the previously approved new subordinated loan for RUB 5 billion, which will allow the bank to form the necessary volume of reserves for covering non-performing loans.

According to interlocutors of the edition, the analogous mechanism will be involved for Svias-Bank – the subordinated loans for the amount of about RUB 16 billion, new loans are not required. VEB informed that the future of subsidiary banks will be determined in development strategy of state corporation, which is planned to be prepared until June 30.

According to Fitch analyst Anton Lopatin, a new management of VEB wants to increase the capital of banks for absorbing losses on loans in order to sell them in some time on the market, but currently the interest to banking assets is enough low.

In Ukraine Vnesheconombank owns Prominvestbank.